An increase in the general price level over time is called ...

Deflation refers to a decrease in the general price level of goods and services, which is the opposite of inflation. While deflation can increase purchasing power, it can also lead to reduced consumer spending and economic stagnation, as people may delay purchases in anticipation of lower prices.

A depression is a prolonged period of economic downturn characterized by high unemployment, low consumer spending, and significant declines in economic activity. While it is associated with deflation and stagnant prices, it is not synonymous with inflation and does not directly describe changes in price levels.

A recession is defined as a significant decline in economic activity across the economy lasting more than a few months. It is marked by decreasing GDP, rising unemployment, and falling consumer spending. Although recessions can be accompanied by inflation or deflation, they do not specifically denote an increase in the general price level.