Economic Terminology

Interest Rates, Exchange Rates and Inflation

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1. What is the correct definition of Inflation?

  • Basket of Goods
  • Price or Cost of borrowing money
  • A general increase in the price of good and services measured over a set period of time
  • The price at which one currency is bought and sold for another
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2. What is the correct definition of Interest Rates?

  • The amount spent by the Government per year
  • Price or Cost of borrowing money
  • A general increase in prices and full in the purchasing value of money
  • The amount of money taken from the general public by the Government to spend on Public Services

3. What is the correct definition of Exchange Rates?

  • The price at which one currency is bought and sold for another
  • A general increase in the price of good and services measured over a set period of time
  • Price or Cost of borrowing money
  • The amount of money taken from the general public by the Government to spend on Public Services

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5. What is the correct definition of Taxation?

  • The price at which one currency is bought and sold for another
  • Price or Cost of borrowing money
  • The amount of money taken from the general public by the Government to spend on Public Services
  • A general increase in the price of good and services measured over a set period of time

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