An increase in the overall level of prices in an economy is referred to as

Inflation is the rate of increase in prices over a given period of time. Inflation is typically a broad measure, such as the overall increase in prices or the increase in the cost of living in a country.

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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answerjointly by the fed and by the behavior of individuals who hold money and of banks in which money is held;