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they were cheaper
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Is a rise in the cost of goods and services called inflation or deflation?
Inflation
What is a general increase in the cost of goods and services?
That is called "inflation".
Does the changing of petrol price affect the rate of inflation?
The changing of petrol price affects the rate of inflation. When petrol price increases, it follows that the cost of production and transportation of most goods also increase.
When do inflation occur?
When goods or services in general cost less in the deflated currency than previously.
How will inflation affect the future?
Your cost of living will increase, your real income will decrease.
Is a rise in the cost of goods and services called inflation or deflation?
Inflation
What is it called when the cost of goods go up?
inflation
Does the changing of petrol price affect the rate of inflation?
The changing of petrol price affects the rate of inflation. When petrol price increases, it follows that the cost of production and transportation of most goods also increase.
What is a general increase in the cost of goods and services?
That is called "inflation".
What is the difference in inflation between Ancient Rome and America?
The increase in the cost of goods within the economy.
When do inflation occur?
When goods or services in general cost less in the deflated currency than previously.
How will inflation affect the future?
Your cost of living will increase, your real income will decrease.
With inflation what are the implications of using LIFO and FIFO inventory methods and how do they affect the cost of goods sold?
LIFO inventory valuation assumes the latest purchased inventory becomes part of the cost of goods sold, while the FIFO method assigns inventory items that were purchased first to the cost of goods sold. In an inflationary environment, the LIFO method will result in a higher cost of goods sold figure and one that more accurately matches the sales dollars recorded at current dollars.
How does inflation effect cost of capital?
Inflation is too many dollars chasing too few goods. It happens when the money supply is variable and the cost of borrowing from commercial lenders (1. federal reserve) is too low.
What does the inflation date indicate?
Inflation is defined as a sustained increase in the general level of prices for goods and services. It is measured as an annual percentage increase. As inflation rises, every dollar you own buys a smaller percentage of a good or service. Demand-Pull Inflation, Cost-Push Inflation etc.
In periods of inflation the federal reserve should raise or lower the money?
Decreasing the money supply will help with inflation. With less money to spend, the demand for goods will decrease, bringing down their cost.
What most accurately explains the intended effect of wage controls on the cost of goods and services?
Wage controls attempt to stop inflation
