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What is deflation? a) An increase in the price level that reduces the GDP
What is deflation?
a) An increase in the price level that reduces the GDP.
b) A decrease in the price level.
c) A decrease in the rate of inflation.
d) A reduction in GDP caused by changes in the price level.
Expert Solution
The correct answer is b) A decrease in the price level.
Deflation is an inflation rate in the negative territory.
Option A is incorrect as this is inflation.
Option C is incorrect as the reduction in the inflation rate is called disinflation.
Option D is incorrect as this is called real GDP.
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