Economic: Inflation

Economic: Inflation

12th Grade

10 Qs

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Economic: Inflation

Economic: Inflation

Assessment

Quiz

Others

12th Grade

Medium

Created by

SeangHeng Yoem

Used 1+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is inflation?

Inflation is the term used to describe the stability of prices in an economy.

Inflation is the rate at which the general level of prices for goods and services is decreasing.

Inflation is the measure of how much money an individual has in their bank account.

Inflation is the rate at which the general level of prices for goods and services is rising.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Explain the difference between demand-pull inflation and cost-push inflation.

Demand-pull inflation is caused by a decrease in demand, while cost-push inflation is caused by a decrease in production costs.

Demand-pull inflation is driven by increased production costs, while cost-push inflation is driven by excess demand.

Demand-pull inflation is driven by excess demand, while cost-push inflation is driven by increased production costs.

Demand-pull inflation occurs when production costs decrease, while cost-push inflation occurs when demand exceeds supply.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does inflation affect the purchasing power of money?

Inflation stabilizes the purchasing power of money.

Inflation has no impact on the purchasing power of money.

Inflation decreases the purchasing power of money.

Inflation increases the purchasing power of money.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the main causes of inflation?

Demand-pull inflation, cost-push deflation, built-out inflation, and fiscal deflation

Supply-pull inflation, demand-push inflation, built-out inflation, and fiscal inflation

Demand-pull inflation, cost-push inflation, built-in inflation, and monetary inflation

Cost-pull deflation, demand-push inflation, built-in inflation, and monetary deflation

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Discuss the concept of hyperinflation and its consequences.

Hyperinflation is a gradual decrease in the prices of goods and services within an economy.

Hyperinflation is a rapid and uncontrollable increase in the prices of goods and services within an economy, leading to a loss of confidence in the monetary system. Consequences include a decrease in the value of money, uncertainty in financial planning, social unrest, and economic instability.

Consequences of hyperinflation include increased value of money and stable economic conditions.

Hyperinflation leads to a rise in confidence in the monetary system.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the role of central banks in controlling inflation?

Central banks control inflation by reducing taxes.

Central banks control inflation by adjusting interest rates, managing the money supply, and implementing monetary policies.

Central banks control inflation by setting prices in the market.

Central banks control inflation by increasing government spending.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Explain the Phillips curve and its relationship to inflation and unemployment.

The Phillips curve shows the relationship between GDP and inflation, ignoring unemployment

Inflation and unemployment have no impact on each other according to the Phillips curve

The Phillips curve only applies to developed countries, not emerging markets

The Phillips curve illustrates the trade-off between inflation and unemployment, indicating that policymakers must choose between the two when making economic decisions.

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