IB Economics (SL): Macroeconomic objectives: Inflation

IB Economics (SL): Macroeconomic objectives: Inflation

11th - 12th Grade

10 Qs

quiz-placeholder

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IB Economics (SL): Macroeconomic objectives: Inflation

IB Economics (SL): Macroeconomic objectives: Inflation

Assessment

Quiz

Architecture, Other

11th - 12th Grade

Practice Problem

Medium

Created by

Helen Berghuis

Used 220+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Inflation is the sustained increase in the price of a product

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The CPI measures the cost of goods and services in a typical household in the economy.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a limitation of the CPI?

Consumers changing their consumption patterns due to changing prices

Comparisons over long periods of time (more than 10 years) are difficult

Consumers tend to be loyal to particular products so their consumption patterns will not really change.

Not all consumers will consume what is in the 'typical' basket of goods and services

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The purchasing power of your income is called your

real income

nominal income

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a consequence of inflation?

low menu costs

high levels of uncertainty

a false sense of the value of money

reduced export competitiveness

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following groups is likely to be better off in times of inflation?

Pensioners

Savers

Borrowers

Lenders

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What would most governments consider an acceptable rate of inflation?

0 - 1%

1 - 2%

2 - 3%

3 - 4%

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