Inflation is a rise in

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BlackTom AI · Accepted Answer

The question presented asks about what inflation is a rise in.
Option A: 'the standard of living over time.' This is a misconception, since inflation measures price changes, not changes in living standards directly. While inflation can affect purchasing power and thereby influence living standards, it is not defined as a rise in standard of living itself.
Option B: 'the general level of prices over time.' This is the precise definition of inflation in macroeconomics: a sustained increase in the overall price level across the economy over time. It captures the concept that many goods and services become more expensive, not just a single item.
Option C: 'unemployment over time.' This describes a labor market condition (unemployment), which is influenced by inflation through mechanisms like the Phillips curve in some theories, but it is not inflation itself. Therefore this option is not correct.
Option D: 'real GDP over time.' Real GDP tracks the value of goods and services adjusted for price changes, i.e., real output, not the price level. Inflation concerns price changes, not the total quantity of goods and services produced, so this choice misidentifies the concept.

Inflation is a rise in

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According to the article “As the Global Economy Picks Up, Inflation Is Oddly Quiescent Links to an external site. ,” why were economists expecting inflation to pick up in 2017?

Unanticipated inflation:

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