Question
What is the definition of inflation?
when a company’s profits go up
when the interest rates on bank accounts rise
when there is an increase in the price of goods and services
when there are more products created than demand for them
when a company’s profits go up
when the interest rates on bank accounts rise
when there is an increase in the price of goods and services
when there are more products created than demand for them
Answers
GPT 3.5
Inflation is defined as the general increase in the price level of goods and services in an economy over a period of time, resulting in a decrease in the purchasing power of a currency. It is typically measured by the consumer price index (CPI) or the producer price index (PPI).