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Ahmed bought the same goods and services this year as last year. But, he has experienced...

Ahmed bought the same goods and services this year as last year. But, he has experienced inflation. This means _____.

rev: 05_30_2018

Multiple Choice

  • the prices of all his goods and services has increased

  • the prices of goods and services has increased in general

  • he has more income to spend on goods and services

  • he can afford to buy more of everything

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Answer #1

inflation does not imply that there should be an increase in the price level for all the goods and services consumed by an individual. It is the general increase in the level of prices for goods and services. So a person experiencing inflation might face some of the goods and services being expensive wine the others being cheaper but overall the cost of basket of goods and services is now higher.

Select the second option.

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