Question on: JAMB Economics - 2019
An economic condition in which much reduced economic activity co-exists with inflation is referred to as__________
A
stagflation
B
inflationary spiral
C
slump inflation
D
inflationary gap
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Correct Option: C
Stagflation is a term used in economics to describe a situation where the inflation rate is high, the economic growth rate slows down, and unemployment remains high. This combines "stagnation" (slow economic growth and high unemployment) and "inflation" (rising prices).
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