GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What’s it called when the average price of goods goes up sharply?
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recession
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scarcity
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capitalism
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inflation
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Explanation:
Detailed explanation-1: -Stagflation is a combination of three negatives: slower economic growth, higher unemployment, and higher prices. This is a combination that isn’t supposed to occur, in the logic of economics. Prices shouldn’t go up when people have less money to spend.
Detailed explanation-2: -Inflation is the rate of increase in prices over a given period of time. Inflation is typically a broad measure, such as the overall increase in prices or the increase in the cost of living in a country.
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