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      Question

      What does the term "Depreciation" refer to in

      economics?
      A Increase in the value of currency Correct Answer Incorrect Answer
      B Loss of value of an asset over time Correct Answer Incorrect Answer
      C Reduction in inflation Correct Answer Incorrect Answer
      D Increase in the cost of production Correct Answer Incorrect Answer

      Solution

      Depreciation is the gradual decrease in the value of an asset over time, often due to wear and tear or obsolescence.

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