WAEC Economics 2015 Theory — Question 17

Question 17 of 22 from the West African Examinations Council (WAEC) Economics 2015 Theory paper, with the correct answer and a full explanation.

7(a). What is deflation?

Model answer

Deflation can be defined as a persistent and sustained decrease in the general price level of goods and services, usually as a result of an excess supply of goods relative to demand in the economy.

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