Most respondents knew that high inflation meant the cost of living was increasing, suggesting an awareness of simple economic terms. It appears that in most countries people were more likely to know the definition of inflation than know what impact it has on their spending power, but in Armenia considerably more people understood the time value of money than recognised the definition. The various diversification questions used in different countries proved to be challenging. Up to 37% of respondents claimed not to know the answer to the question used in Norway, and no more than 61% per cent of respondents.
