Inflation Understanding Check

Inflation Understanding Check

12th Grade

20 Qs

quiz-placeholder

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Inflation Understanding Check

Inflation Understanding Check

Assessment

Quiz

Business

12th Grade

Easy

Created by

Shannon Lane

Used 14+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In 2022, a household's market basket cost $1,200. In 2023, the same basket costs $1,380. If 2022 is the base year, what is the CPI for 2023?

115

116

115.5

115.9

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If CPI in 2022 is 120 and CPI in 2023 is 132, what is the inflation rate from 2022 to 2023?

10%

12%

8%

9%

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The market basket in 2020 cost $2,000, in 2021 it cost $2,400, and in 2022 it cost $2,640. Using 2020 as the base year, calculate the CPI for 2022.

132

124

120

118

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If CPI is 140 in 2024 and 150 in 2025, which of the following is the annual inflation rate?

10%

6.67%

7.14%

7%

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A market basket in the base year costs $500. In year 2, prices of some goods rise sharply, others fall slightly, but the basket costs $550. CPI for year 2 is:

105

110

115

120

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If inflation is caused by a rapid increase in consumer confidence and spending, it is best described as:

Cost-push inflation

Demand-pull inflation

Structural Inflation

Wage-price inflation

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A sudden spike in oil prices increases production costs for most firms. This is an example of:

Demand-pull inflation

Cost-push inflation

Hyperinflation

Disinflation

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