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level across an economy, meaning that money gradually buys fewer goods and services."},{"text":"Deflation.","correct":false,"explanation":"Deflation means a sustained fall in the general price level, not a rise. A continuing increase in average prices is inflation."},{"text":"Disinflation.","correct":false,"explanation":"Disinflation occurs when prices continue rising but at a slower rate. A sustained general increase in prices without that qualification is inflation."},{"text":"Reflation.","correct":false,"explanation":"Reflation describes policies or developments that raise prices and output after weakness or deflation. The standard term for a sustained general price rise is inflation."}]},{"id":"e3a3f77c-3198-413a-88b9-c1b25bbd09e9","cardType":"basic","points":1,"front":"What term describes a sustained fall in the general price level?","back":"Deflation.","mcqOptions":[{"text":"Deflation.","correct":true,"explanation":"Deflation is a sustained fall in the general price level, so the average price of goods and services decreases over time."},{"text":"Inflation.","correct":false,"explanation":"Inflation is a sustained rise in the general price level, the opposite movement to the one described. A continuing general fall in prices is deflation."},{"text":"Disinflation.","correct":false,"explanation":"Disinflation means prices are still rising, but more slowly. It does not mean that the general price level is falling, which is deflation."},{"text":"Reflation.","correct":false,"explanation":"Reflation involves stimulating an economy to increase prices and output after weakness. A sustained decrease in the general price level is deflation."}]},{"id":"70b46e1d-2503-43e7-8b31-ca6b90c11dda","cardType":"basic","points":1,"front":"What term describes prices continuing to rise, but at a slower rate?","back":"Disinflation.","mcqOptions":[{"text":"Disinflation.","correct":true,"explanation":"Disinflation occurs when the general price level continues to rise, but the percentage increase becomes smaller from one period to the next."},{"text":"Deflation.","correct":false,"explanation":"Deflation requires the general price level to fall. When prices keep increasing but at a reduced rate, the correct term is disinflation."},{"text":"Inflation.","correct":false,"explanation":"Inflation describes a sustained rise in the general price level, but it does not specifically indicate a slowing rate of increase. That is disinflation."},{"text":"Reflation.","correct":false,"explanation":"Reflation refers to raising economic activity and prices after deflation or weak demand. A slower rate of continuing price increases is disinflation."}]},{"id":"bf72eefe-55e2-45b0-983a-c3e95f2e5056","cardType":"basic","points":1,"front":"Why does a one-off jump in prices not necessarily signal inflation?","back":"No ongoing inflation is necessarily indicated.","mcqOptions":[{"text":"No ongoing inflation is necessarily indicated.","correct":true,"explanation":"Inflation requires a sustained rise in the general price level. A single price increase may be temporary or specific to one product, so it does not establish an ongoing trend."},{"text":"Permanent inflation is necessarily indicated.","correct":false,"explanation":"A one-off increase cannot prove that prices will keep rising generally. Inflation requires a sustained rise in the overall price level, not one permanent-looking movement."},{"text":"Automatic deflation is necessarily indicated.","correct":false,"explanation":"A single price jump does not imply that the general price level will later fall. Deflation requires a sustained decrease across the economy."},{"text":"Stable prices are necessarily indicated.","correct":false,"explanation":"One price increase does not prove that all prices will remain stable. It simply provides insufficient evidence about a sustained movement in the general price level."}]},{"id":"c6e4d121-876c-4498-a428-d0222202d2da","cardType":"basic","points":1,"front":"What happens to the price level during disinflation?","back":"The price level is still rising, but by a smaller percentage each period.","mcqOptions":[{"text":"The price level is still rising, but by a smaller percentage each period.","correct":true,"explanation":"During disinflation, prices continue to increase, but the inflation rate falls. The price level therefore rises more slowly rather than falling."},{"text":"The price level is falling, but by a smaller percentage each period.","correct":false,"explanation":"A falling price level describes deflation, not disinflation. Disinflation means prices remain higher each period, although their percentage rate of increase becomes smaller."},{"text":"The price level is still rising, but by a larger percentage each period.","correct":false,"explanation":"A progressively larger percentage increase means inflation is accelerating, sometimes called reflation in a wider context. Disinflation requires the rate of increase to decrease."},{"text":"The price level is unchanged, but by a smaller percentage each period.","correct":false,"explanation":"An unchanged price level would imply zero inflation, not a falling positive rate. During disinflation, the level still rises even though the percentage increase declines."}]},{"id":"c223ce53-4c2c-4773-af04-db44bd291b2f","cardType":"basic","points":1,"front":"What does disinflation describe?","back":"It describes the direction of the rate of inflation, not the price level.","mcqOptions":[{"text":"It describes the direction of the rate of inflation, not the price level.","correct":true,"explanation":"Disinflation concerns whether the inflation rate is speeding up or slowing down. Prices may still rise, so the term does not describe the price level directly."},{"text":"It describes the direction of the price level, not the rate of inflation.","correct":false,"explanation":"This confuses disinflation with the movement of prices themselves. Disinflation is a slowing rate of inflation, while a falling price level is deflation."},{"text":"It describes the absolute price level, not the rate of inflation.","correct":false,"explanation":"Disinflation is not a measure of whether prices are high or low in absolute terms. It refers to the changing percentage rate at which prices rise."},{"text":"It describes the direction of real output, not the price level.","correct":false,"explanation":"Disinflation is a price-related concept, not a description of economic output. It indicates a slower rate of price increase, even if real output is rising or falling."}]},{"id":"d55c651e-4ba5-41ce-b9e6-04d5b191d7af","cardType":"basic","points":1,"front":"What happens to purchasing power when the general price level rises?","back":"Each £ buys fewer goods and services.","mcqOptions":[{"text":"Each £ buys fewer goods and services.","correct":true,"explanation":"When the general price level rises, the same amount of money purchases a smaller quantity of goods and services, so the purchasing power of money falls."},{"text":"Each £ buys more goods and services.","correct":false,"explanation":"A higher general price level makes goods and services more expensive, so the same pound buys less rather than more. This is a fall in purchasing power."},{"text":"Each £ buys the same goods and services.","correct":false,"explanation":"Unchanged purchasing power would require prices to remain unchanged, assuming the pound’s value is otherwise stable. A general price rise reduces what each pound can buy."},{"text":"Each £ buys fewer pounds and services.","correct":false,"explanation":"Inflation reduces the quantity of goods and services affordable with one pound; it does not change the number of pounds bought. The relevant effect is reduced purchasing power."}]},{"id":"3b62d392-a8ee-4c39-9120-2fe4d814bb48","cardType":"basic","points":2,"front":"Why does inflation reduce the purchasing power of money?","back":"Inflation reduces purchasing power because money buys fewer goods and services.","mcqOptions":[{"text":"Inflation reduces purchasing power because money buys fewer goods and services.","correct":true,"explanation":"Inflation raises the general price level, so each unit of money purchases fewer goods and services. This is why the real purchasing power of money declines."},{"text":"Inflation increases purchasing power because money buys fewer goods and services.","correct":false,"explanation":"Buying fewer goods and services means money has lost purchasing power, not gained it. Inflation raises prices and therefore reduces the real value of money."},{"text":"Inflation reduces purchasing power because money buys more goods and services.","correct":false,"explanation":"The stated reason reverses the relationship: buying more would indicate increased purchasing power. Inflation reduces purchasing power because higher prices limit what money can purchase."},{"text":"Inflation increases purchasing power because money buys more goods and services.","correct":false,"explanation":"Both parts describe the opposite of inflation’s effect. A general price rise makes money less valuable in terms of goods and services, reducing its purchasing power."}]},{"id":"940fbe4c-1a3f-49a4-bd92-c6452cd56acf","cardType":"basic","points":1,"front":"What happens to the real value of money during inflation?","back":"Inflation erodes the real value of money.","mcqOptions":[{"text":"Inflation erodes the real value of money.","correct":true,"explanation":"Inflation raises the general price level, so a fixed amount of money purchases fewer goods and services. Its purchasing power, or real value, therefore falls."},{"text":"Inflation increases the real value of money.","correct":false,"explanation":"This reverses the relationship between inflation and purchasing power. As prices rise, a fixed amount of money buys fewer goods and services, so inflation erodes its real value."},{"text":"Inflation preserves the real value of money.","correct":false,"explanation":"This confuses nominal value with real value. The number of pounds remains unchanged, but rising prices reduce what those pounds can purchase, eroding their real value."},{"text":"Inflation does not affect the real value of money.","correct":false,"explanation":"Ignoring the price level overlooks how real value is measured. Inflation makes goods and services more expensive, so the same sum of money has less purchasing power."}]},{"id":"fde8b383-2b83-46bb-b395-8716dec7af6e","cardType":"basic","points":2,"front":"Why is price stability a macroeconomic objective?","back":"Price stability is a common macroeconomic objective.","mcqOptions":[{"text":"Price stability is a common macroeconomic objective.","correct":true,"explanation":"Price stability protects purchasing power and reduces uncertainty for households and firms. It therefore supports more reliable consumption, saving, investment and production decisions."},{"text":"Price instability is a common macroeconomic objective.","correct":false,"explanation":"This mistakes an economic problem for an objective. Governments generally seek price stability because unpredictable price changes undermine purchasing power and make planning more difficult."},{"text":"Persistent inflation is a common macroeconomic objective.","correct":false,"explanation":"This confuses a sustained economic problem with the policy goal. The objective is price stability, which limits inflation and helps households and firms plan confidently."},{"text":"Persistent deflation is a common macroeconomic objective.","correct":false,"explanation":"Deflation can delay spending, increase real debt burdens and weaken economic activity, so it is not normally an objective. Policymakers instead seek stability in the general price level."}]},{"id":"d8383240-d1dd-4850-998f-ca65ef6e71e4","cardType":"basic","points":1,"front":"Prices continue rising, but annual inflation falls from 6% to 3%. What is this?","back":"Prices rose from 100 to 106, then from 106 to 109: this is disinflation.","mcqOptions":[{"text":"Prices rose from 100 to 106, then from 106 to 109: this is disinflation.","correct":true,"explanation":"The price level rises in both years, but its annual percentage increase falls from 6% to 3%. Falling positive inflation is disinflation."},{"text":"Prices rose from 100 to 106, then from 106 to 109: this is deflation.","correct":false,"explanation":"A lower inflation rate does not mean the price level has fallen. Prices still rise to 109, so this is disinflation rather than deflation."},{"text":"Prices rose from 100 to 106, then from 106 to 109: this is price stability.","correct":false,"explanation":"This treats lower inflation as no inflation. The price level is still increasing, but at a slower annual rate, which is disinflation rather than price stability."},{"text":"Prices rose from 100 to 106, then from 106 to 112.36: this is accelerating inflation.","correct":false,"explanation":"This incorrectly applies the original 6% rate again. The second-year rate is 3%, taking the index to about 109 and producing disinflation."}]},{"id":"c318cb5e-00dd-4ef1-9248-41fceeb71217","cardType":"basic","points":2,"front":"A price index falls from 104 to 102. What does this show?","back":"The price level has fallen, so this is deflation.","mcqOptions":[{"text":"The price level has fallen, so this is deflation.","correct":true,"explanation":"A decline in the index from 104 to 102 means the general price level has decreased. A sustained fall in the general price level is deflation."},{"text":"The price level has risen, so this is inflation.","correct":false,"explanation":"This reads the direction of the index change backwards. Since the index decreases from 104 to 102, the price level has fallen, indicating deflation."},{"text":"The price level has risen more slowly, so this is disinflation.","correct":false,"explanation":"Disinflation requires the price level to continue rising at a lower rate. Here the index itself falls from 104 to 102, so this is deflation."},{"text":"The price level has remained stable, so this is price stability.","correct":false,"explanation":"A two-point decline is a change in the price level, not stability. The falling index indicates deflation because average prices have decreased."}]},{"id":"98aa7e19-2d07-4c51-93f7-7c627837df73","cardType":"basic","points":3,"front":"What is the key difference between deflation and disinflation?","back":"Deflation means the price level falls; disinflation means prices still rise more slowly.","mcqOptions":[{"text":"Deflation means the price level falls; disinflation means prices still rise more slowly.","correct":true,"explanation":"Deflation is a negative rate of price change, whereas disinflation is a reduction in a still-positive inflation rate. Under disinflation, the price level continues rising."},{"text":"Deflation means prices still rise more slowly; disinflation means the price level falls.","correct":false,"explanation":"This swaps the two definitions. Deflation means the price level falls, while disinflation means it continues rising but at a lower rate."},{"text":"Deflation means the price level is stable; disinflation means prices fall slowly.","correct":false,"explanation":"Deflation is not price stability, and disinflation does not require falling prices. Deflation is a falling price level; disinflation is slower positive inflation."},{"text":"Deflation means inflation is negative; disinflation means inflation is zero.","correct":false,"explanation":"The description of deflation is valid, but disinflation is not necessarily zero inflation. It occurs when a positive inflation rate falls while prices continue rising."}]},{"id":"3eb7205e-eba2-414e-b096-e1830e95307b","cardType":"basic","points":2,"front":"If £100 is held while the price index rises from 100 to 105, what is its approximate real value?","back":"The £100 buys about £95.24 of base-year goods.","mcqOptions":[{"text":"The £100 buys about £95.24 of base-year goods.","correct":true,"explanation":"Real value is found by dividing £100 by the index ratio 1.05. This gives approximately £95.24 in base-year purchasing-power terms."},{"text":"The £100 buys about £105.00 of base-year goods.","correct":false,"explanation":"This multiplies by 1.05, incorrectly increasing purchasing power when prices rise. Dividing £100 by 1.05 gives the correct real value of about £95.24."},{"text":"The £100 buys about £95.00 of base-year goods.","correct":false,"explanation":"This simply subtracts 5% of £100, rather than deflating by the price-index ratio. The accurate calculation is £100 divided by 1.05, giving about £95.24."},{"text":"The £100 buys about £94.74 of base-year goods.","correct":false,"explanation":"This uses an incorrect conversion from the index increase to purchasing power. Dividing the nominal £100 by 105/100 gives approximately £95.24 of base-year goods."}]},{"id":"a26edd14-b233-44df-8f9d-4b29efad6844","cardType":"cloze","points":null,"front":"Inflation is a sustained [ ] in the general price level.","back":"Inflation is a sustained rise in the general price level.","mcqOptions":[{"text":"rise","correct":true,"explanation":"Inflation occurs when the general price level rises continuously over time. The word “sustained” distinguishes inflation from a temporary or isolated increase in particular prices."},{"text":"fall","correct":false,"explanation":"A sustained fall in the general price level describes deflation, not inflation. Inflation is a sustained rise in the average price level across the economy."},{"text":"fluctuation","correct":false,"explanation":"Price fluctuations may include both increases and decreases and do not establish inflation. Inflation specifically requires a sustained rise in the general price level."},{"text":"stability","correct":false,"explanation":"Price stability means the general price level changes little, so it is not inflation. Inflation is defined as a sustained rise in the general price level."}]},{"id":"e7c9c799-48be-4f6c-b627-f8ec1d72e805","cardType":"cloze","points":null,"front":"Deflation is a sustained [ ] in the general price level.","back":"Deflation is a sustained fall in the general price level.","mcqOptions":[{"text":"fall","correct":true,"explanation":"Deflation occurs when the general price level falls continuously over time. It therefore represents a negative rate of change in average prices across the economy."},{"text":"rise","correct":false,"explanation":"A sustained rise in the general price level describes inflation, not deflation. Deflation requires the average price level across the economy to fall."},{"text":"fluctuation","correct":false,"explanation":"A fluctuation can involve prices moving in either direction and need not be sustained. Deflation specifically means a sustained fall in the general price level."},{"text":"stability","correct":false,"explanation":"Price stability describes little or no overall movement in prices, whereas deflation requires a sustained fall in the general price level."}]},{"id":"39d40965-7417-453a-836f-12c33712b4b5","cardType":"cloze","points":null,"front":"Disinflation means a fall in the [ ].","back":"Disinflation means a fall in the rate of inflation.","mcqOptions":[{"text":"rate of inflation","correct":true,"explanation":"Disinflation is a reduction in the rate at which the general price level increases. Inflation is still positive, but prices are rising more slowly than before."},{"text":"general price level","correct":false,"explanation":"A fall in the general price level is deflation, not disinflation. Disinflation occurs when the rate of inflation decreases while prices continue to rise overall."},{"text":"purchasing power of money","correct":false,"explanation":"A fall in purchasing power results from rising prices and is a consequence of inflation. Disinflation specifically means that the rate of inflation is falling."},{"text":"quantity of money","correct":false,"explanation":"A fall in the quantity of money describes a possible monetary change, not the definition of disinflation. Disinflation means a fall in the rate of inflation."}]},{"id":"b39a53ad-598b-47c1-88bb-7a7fa1abd8ae","cardType":"cloze","points":null,"front":"Under disinflation, prices still [ ], but more slowly.","back":"Under disinflation, prices still rise, but more slowly.","mcqOptions":[{"text":"rise","correct":true,"explanation":"During disinflation, the inflation rate remains positive, so the general price level continues to rise. The change is that prices increase more slowly than previously."},{"text":"fall","correct":false,"explanation":"Prices falling describes deflation, not disinflation. Under disinflation, the inflation rate is lower but still positive, meaning prices continue to rise overall."},{"text":"stabilise","correct":false,"explanation":"Stable prices indicate zero inflation, whereas disinflation means a declining positive inflation rate. Prices therefore still rise, although the increase is becoming slower."},{"text":"fluctuate","correct":false,"explanation":"Price fluctuations are short-term movements and do not define disinflation. Disinflation specifically means prices continue to rise, but at a falling rate of inflation."}]},{"id":"faf61f04-c2d4-4b0e-b813-89456854b925","cardType":"cloze","points":null,"front":"As the price level rises, the purchasing power of money [ ].","back":"As the price level rises, the purchasing power of money falls.","mcqOptions":[{"text":"falls","correct":true,"explanation":"When the price level rises, each unit of money buys fewer goods and services. Its purchasing power therefore falls as inflation reduces the real value of money."},{"text":"rises","correct":false,"explanation":"A rising price level makes money buy less, not more. The purchasing power of money falls because the same amount can purchase fewer goods and services."},{"text":"remains constant","correct":false,"explanation":"Purchasing power cannot remain constant when the price level rises, because the same money buys less. Its real value therefore falls as prices increase."},{"text":"doubles","correct":false,"explanation":"A rising price level reduces money’s purchasing power rather than multiplying it. The correct relationship is inverse: as prices rise, the purchasing power of money falls."}]},{"id":"9fdc2223-32fa-40fb-b804-3d57bb1593ae","cardType":"cloze","points":null,"front":"$$$\\text{Real value} = \\dfrac{100}{105} \\times 100 \\approx \\text{\\text{[...]}}$$","back":"$$$\\text{Real value} = \\dfrac{100}{105} \\times 100 \\approx \\text{\\boxed{95.24}}$$","mcqOptions":[{"text":"$$95.24$","correct":true,"explanation":"The calculation gives $\\dfrac{100}{105} \\times 100 = 95.238...$, which rounds to 95.24. This shows the real value after a 5% rise in prices."},{"text":"$$95.00$","correct":false,"explanation":"Subtracting 5 directly from 100 gives 95, but the formula divides by the new price index before multiplying by 100. Correct rounding therefore gives 95.24."},{"text":"$$105.00$","correct":false,"explanation":"Using the new price index as the real value reverses the adjustment. Real value is calculated by dividing 100 by 105 and multiplying by 100, giving 95.24."},{"text":"$$4.76$","correct":false,"explanation":"This is approximately the percentage reduction from 100, not the remaining real value. The calculation produces 95.24, while the loss in purchasing power is about 4.76%."}]}]}],"examCountdown":null,"heading":"4.6.1 definition of inflation, deflation and disinflation","title":"4.6.1 definition of inflation, deflation and disinflation Flashcards","topbar":{"backHref":"/international-a-level/economics/cie/flashcards"},"topicSidebar":"$L39"}]}],"topicId":"38e8a4ce-2a22-41e6-a023-51e5ac60b83b","walled":"$L3a"}],"$L3b","$L3c"]