if the current price of an apple is twice that of last year, it implies that the value of money is

Assessment: WAEC SSCE - Economics - 2011 (Objective) Subject: Economics

Question 1 Report

if the current price of an apple is twice that of last year, it implies that the value of money is

Answer Details
If the current price of an apple is twice that of last year, it means that the price level has increased over time. This suggests that the value of money has decreased, and therefore, it is falling. In other words, the purchasing power of money has declined, and it now takes more money to buy the same amount of goods and services as before.
Read lesson note on The Theory Of Consumer Behaviour (JAMB)
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