1) Inflation refers to a rise in the average level of prices from one period to the next a) True b) False 2) If inflation is 5%, a product that costs €100 this year will cost €95 next year. a) True b) False 3) Inflation reduces the purchasing power of money. a) True b) False 4) The Consumer Price Index (CPI) is commonly used to measure inflation in Ireland. a) True b) False 5) Inflation affects all goods and services equally. a) True b) False

Business & Financial Literacy : Inflation

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