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Which of the following is the definition of inflation?
1. Rise in the general level of prices
2. Sustained rise in the general level of prices
3. Persistent increases in the general level of prices
Which of these statements is/are correct?
- a)1 and 2 Only
- b)2 Only
- c)3 Only
- d)All of them
Correct answer is option 'D'. Can you explain this answer?
Most Upvoted Answer
Which of the following is the definition of inflation? 1. Rise in the...
These are some of the most common academic definitions of inflation.
- A rise in the general level of prices;
- a sustained rise in the general level of prices;
- persistent increases in the general level of prices;
- an increase in the general level of prices in an economy that is sustained over time;
- rising prices across the boards—is inflation.
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Which of the following is the definition of inflation? 1. Rise in the...
Inflation is defined as the sustained and persistent increase in the general price level of goods and services in an economy over a period of time. Let's break down the given options to understand the definition of inflation:
1. Rise in the general level of prices: This option refers to a one-time increase in the general price level of goods and services. However, inflation is characterized by a sustained rise in prices over an extended period of time.
2. Sustained rise in the general level of prices: This option comes closer to the definition of inflation as it includes the element of a sustained rise in prices. However, it does not capture the persistent nature of inflation.
3. Persistent increases in the general level of prices: This option is the most accurate definition of inflation as it includes both the sustained and persistent nature of rising prices over time.
Therefore, the correct answer is option 'D' - all of them.
1. Rise in the general level of prices: This option refers to a one-time increase in the general price level of goods and services. However, inflation is characterized by a sustained rise in prices over an extended period of time.
2. Sustained rise in the general level of prices: This option comes closer to the definition of inflation as it includes the element of a sustained rise in prices. However, it does not capture the persistent nature of inflation.
3. Persistent increases in the general level of prices: This option is the most accurate definition of inflation as it includes both the sustained and persistent nature of rising prices over time.
Therefore, the correct answer is option 'D' - all of them.
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Which of the following is the definition of inflation? 1. Rise in the general level of prices2. Sustained rise in the general level of prices3. Persistent increases in the general level of pricesWhich of these statements is/are correct?a) 1 and 2 Onlyb) 2 Onlyc) 3 Onlyd) All of themCorrect answer is option 'D'. Can you explain this answer? for UPSC 2026 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Which of the following is the definition of inflation? 1. Rise in the general level of prices2. Sustained rise in the general level of prices3. Persistent increases in the general level of pricesWhich of these statements is/are correct?a) 1 and 2 Onlyb) 2 Onlyc) 3 Onlyd) All of themCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for UPSC 2026 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following is the definition of inflation? 1. Rise in the general level of prices2. Sustained rise in the general level of prices3. Persistent increases in the general level of pricesWhich of these statements is/are correct?a) 1 and 2 Onlyb) 2 Onlyc) 3 Onlyd) All of themCorrect answer is option 'D'. Can you explain this answer?.
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