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Questions
Define inflation.
What is inflation?
Definition
Very Short Answer
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Solution 1
Inflation is defined as a sustained increase in the aggregate price level. It refers to a state of rising prices and not a state of high prices.
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Solution 2
Crowther defined inflation as ‘a state in which the value of money is falling, i.e., prices are rising.’ It refers to a state of rising prices and not a state of high prices.
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