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Which one of the following statements is an appropriate description of deflation?
It is a sudden fall in the value of a currency against other currencies
It is a persistent recession in both the financial and real sectors of economy
It is a persistent fall in the general price level of goods and services
It is a fall in the rate of inflation over a period of time
Deflation is a general decline in prices for goods and services, typically associated with a contraction in the supply of money and credit in the economy. During deflation, the purchasing power of currency rises over time.
By: Kamal Kashyap ProfileResourcesReport error
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