WAEC Economics 2013 Objective — Question 8
Question 8 of 50 from the West African Examinations Council (WAEC) Economics 2013 Objective paper, with the correct answer and a full explanation.
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General rise in the price level induced by increased price of inputs is referred to as
- A. run-away inflation
- B. cost-push inflationCorrect
- C. demand-pull inflation
- D. imported inflation
Explanation
Cost-push inflation is caused by an increase in the cost of production, which producers pass on by raising prices.
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