Asked by Daina Simola on Jun 13, 2024
Verified
When Marcus went to college, tuition was $650 per semester. Now that same college charges $6,500 per semester. This number reflects a persistent increase in price known as
A) currency fluctuation.
B) inflation.
C) recession.
D) interest.
E) deflation.
Currency Fluctuation
The variation in the value of one currency relative to another in the global market.
Inflation
A general increase in prices and fall in the purchasing value of money.
Recession
A period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.
- Comprehend the impact of economic elements like inflation and changes in currency value on the buying habits of consumers.
Verified Answer
BG
Bhavishya GullapalliJun 18, 2024
Final Answer :
B
Explanation :
The persistent increase in price of tuition is known as inflation, which is a measure of the increase in the general price level of goods and services in an economy over a period of time.
Learning Objectives
- Comprehend the impact of economic elements like inflation and changes in currency value on the buying habits of consumers.