Question

2.Which among the following is a suitable term for the state of economy in which economic activity is slowing down but wages and prices continue to rise ?
Answer

Answer 1

Answer:

Stagflation is characterized by slow economic growth and relatively high unemployment—or economic stagnation—which is at the same time accompanied by rising prices (i.e. inflation).

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Answer 2

Answer:

Stagflation refers to an economy that is experiencing a simultaneous increase in inflation and stagnation of economic output.

Explanation:

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