Inflation
Flashcard
•
Social Studies
•
12th Grade
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
Which of the following describes inflation? Options: an intermediate good is produced utilizing the consumer price index, a service produced and used in another country, A decrease in the average price level of all products, An increase in the average price level of all products
Back
An increase in the average price level of all products
2.
FLASHCARD QUESTION
Front
Oliver noticed that the prices of goods and services in his town were generally increasing. This phenomenon is called
Back
inflation
3.
FLASHCARD QUESTION
Front
What does the inflation rate represent?
Back
The change in the cost of goods and services over time
4.
FLASHCARD QUESTION
Front
Inflation reduced people's purchasing power because
Back
the same amount of money buys fewer goods and services
5.
FLASHCARD QUESTION
Front
Which of the following is a cause of inflation? As demand increases, prices are "pulled" higher , As supply increases, prices are "pulled" higher , As demand decreases, prices are lowered , As supply decreases, prices are "pulled" higher
Back
As demand increases, prices are "pulled" higher
6.
FLASHCARD QUESTION
Front
Which of the following is a cause of inflation?
When producers lower prices to cover lower resource costs,
When producers raise prices to cover higher resource costs,
As demand decreases, prices are "pulled" higher,
As supply decreases, prices are "pulled" higher
Back
When producers raise prices to cover higher resource costs
7.
FLASHCARD QUESTION
Front
An overall decrease in purchasing power
Back
Affects those in fixed incomes
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