Inflation Revisited

Inflation Revisited

12th Grade

15 Qs

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Inflation Revisited

Inflation Revisited

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Medium

Created by

colin mcfall

Used 13+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is inflation?

rise in all prices

rise in most prices

rise in some prices

rise in general prices

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Nominal wage adjusted for inflation is described as

Living wage

RPI

Real wage

Constant prices

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

How is inflation measured?

By comparing average prices of all goods and services produced

Consumer Price Index

Producer Price index

Government Price Index

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Do you remember the accurate formula of Inflation Rate (%)?

CPI Current Year - CPI Previous Year x 100%

CPI Current Year

CPI Previous Year - CPI Current Year x 100%

CPI Current Year

CPI Previous Year - CPI Current Year x 100%

CPI Previous Year

CPI Current Year - CPI Previous Year x 100%

CPI Previous Year

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

If the CPI is 93 in 2017 and 97 in 2018, calculate the rate of inflation from 2017 to 2018.

4.3%

4.12%

4%

5.1%

None of the answers

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the UK target rate of inflation?

1%

2%

3%

4%

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Inflation

Always reduces the cost of living

Always reduces the standard of living

Reduces the price of products

Reduces the purchasing power of a pound

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