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What is a price index and how is it calculated?

• A price index is a measure of total sales in an economy over time.

• A price index is calculated by averaging the prices of stocks in the market.

• A price index reflects the total quantity of goods produced in a year.

• A price index is a measure of the average change in prices over time, calculated by comparing the cost of a fixed basket of goods and services in different time periods.

How does a price index affect consumer purchasing power?

• A price index increases consumer purchasing power by lowering prices.

• A price index affects consumer purchasing power by indicating inflation, which reduces the amount of goods and services consumers can buy with their income.

• A price index has no effect on consumer purchasing power.

• A price index only reflects changes in wages, not prices.

What are some common types of price indices used in economics?

• Retail Price Index (RPI)

• Consumer Price Index (CPI), Producer Price Index (PPI), GDP Deflator

• Stock Market Index (SMI)

• Interest Rate Index (IRI)

In what ways can a rising price index impact the economy?

• Higher employment rates due to increased demand

• Stabilization of currency value

• A rising price index can lead to inflation, reduced consumer purchasing power, increased business costs, and changes in monetary policy.

• Increased consumer savings and investment

Why is it important for governments to monitor price indices?

• It is important for governments to monitor price indices to assess inflation and guide economic policy.

• To control the salaries of government employees.

• To determine the best time to increase taxes.

• To set fixed prices for essential goods.