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    Question

    Which of the following best defines inflation?

    A A general increase in prices over time Correct Answer Incorrect Answer
    B Periodic decreases in price levels Correct Answer Incorrect Answer
    C Continuous increases in output levels Correct Answer Incorrect Answer
    D An increase in the purchasing value of money Correct Answer Incorrect Answer

    Solution

    Inflation refers to the sustained increase in the general price level of goods and services in an economy over time, which reduces the purchasing power of money.

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