Inflation is a general and ongoing _ in the ___ in an entire economy.
Select from the following choices that properly fill in the blanks.
rise; output
fall; output
rise; level of prices
fall; level of prices
rise; level of prices
Inflation is a general and ongoing rise in the level of prices in an entire economy. Inflation does not refer to a change in relative prices. A relative price change occurs when you see that the price of tuition has risen, but the price of laptops has fallen. Inflation, on the other hand, means that there is pressure for prices to rise in most markets in the economy.

Inflation can be defined as a general increase in the prices of goods and services in an economy.
It demand-pull, cost-push, and. inflation expectations
It translates to more spending.
It triggers more production to meet that demand.
It also makes it easier on debtors.
Usually four types of Inflation are hyperinflation, galloping, walking, and creeping.

Hence, in the above case Option B is correct.

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