Economists use the term inflation to describe a situation in which
A)some prices are rising faster than others.
B)the economy's overall price level is rising.
C)the economy's overall price level is high,but not necessarily rising.
D)the economy's overall output of goods and services is rising faster than the economy's overall price level.

Question

Quizplus · Accepted Answer

Inflation refers to a sustained increase in the general price level of goods and services in an economy over a period of time. It is not limited to some prices rising faster than others, high overall prices, or an increase in output.

Economists Use the Term Inflation to Describe a Situation in Which