EBK ECONOMICS FOR TODAY
EBK ECONOMICS FOR TODAY
9th Edition
ISBN: 8220101414250
Author: Tucker
Publisher: Cengage Learning US
Question
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Chapter 17, Problem 1SQP
To determine

The acceptability of the statement.

Expert Solution & Answer
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Explanation of Solution

The given statement is incorrect. A rapid rise in price in the economy is the inflation, and inflation increases when the average price of the consumer goods and services increases.

Economics Concept Introduction

Inflation: Inflation refers to a rapid rise in the price of any commodity and service in the economy over a specific time period.

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