Homework Answers
The general rise in the prices of goods and services over a period of time is known as inflation.
In terms of the value of dollar, it means that the purchasing power of dollar will reduce over a period of time.
eg, in 2017 we were able to purchase 1kg wheat with $1 dollar.
In 2018 we have to pay $2 to purchase 1kg wheat.
Costs of inflation
1) the whole pricing system is distorted as people refuses to buy goods and services at the higher prices.
2) the call for government involvement increases in order to to manage this whole condition of inflation, may be through contractionary fiscal policy.
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