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MM 6.02
| Question | Answer |
|---|---|
| A persistent increase in the average price level in the economy. | Inflation |
| The percentage change in the price level from one period to the next. | Inflation Rate |
| A persistent decrease in the average price level in the economy. | Deflation |
| An index of prices of goods and services typically purchased by urban consumers | Consumer Price Index |
| The amount of goods and services that a nation's people have | Standard of Living |
| An acceptable rate of increase that the country attempts to control | Targeted Inflation Rate |
| The condition in which the average price level in the economy changes very slowly, if at all. | Price Stability |
| results when the economy has too much demand for available production | inflation |
| results when economy-wide shortages are created by increases in aggregate demand | Demand pull inflation |
| results when an economy-wide shortages are created by decreases in aggregate supply, which are so named because they are more often than not triggered by increases in production cost | Cost-push Inflation |
| reason why the inflation rate should be above zero. | Indicates that demand is growing |
| means that inflation rates will be low | Price stability |
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oxendinet
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