Which is the best definition of hyperinflation? a gradual decrease in the price of goods and services a gradual increase in the price of goods and services an exponential decrease in the price of goods and services an exponential increase in the price of goods and services

The correct answer is: "an exponential increase in the price of goods and services".

Inflation is defined as the gradual increase in the price level of goods and services in a region or country during a specific period of time. Hyperinflaction is the very accelerated version of the same phenomenon, when the increase in prices is spectacular and keeps growing without control. It generates a very quick devaluation of the currency, as its purchasing power decreases at the same rapid pace as the price rise.

The best definition of hyperinflation is an exponential increase in the price of goods and services.

Further Explanation:

Hyperinflation is a term that is used to describe excessive, rapid and “out-of-control” price rises in an economy. Whereas inflation determines the pace of increasing prices for “goods and services”, hyperinflation is speedily rising inflation. It can take place in a time of ‘war’ and ‘economic turmoil ‘followed by‘central bank’ printing excessive money.

Hyperinflation is a ‘rare event’ for developed economies; hyperinflation has taken place many times in many countries such as Germany, Hungary, China, Argentina, and Russia. It takes place when prices rise by more than “50% per month” over a particular period of time.  

Hyperinflation results in a ‘number of consequences’ for an economy. Individuals may hoard “goods”, including perishables like food because of increasing prices, which in return creates food supply shortages.  

Learn More:

1.What happens when the quantity of a good supplied at a given price is greater than the quantity demanded?

2.Though the outcomes of the Schenck and New York Times differed, what did these decisions have in common? The government has a heavy burden to prove harm. The government can limit speech that causes harm. The government has unlimited power to limit speech. The government must follow the first amendment.

Answer Details:

Grade: Middle School

Chapter: Hyperinflation

Subject: Social Studies

Keywords:

hyperinflation, excessive, economy, goods and services, inflation, prices, food supply

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