Inflation Understanding Check

Quiz
•
Business
•
12th Grade
•
Easy
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
Create a free account and access millions of resources
Similar Resources on Wayground
20 questions
Personal Finance

Quiz
•
12th Grade
15 questions
Business Finance Reviewer

Quiz
•
12th Grade
18 questions
Basic economic concepts

Quiz
•
9th Grade - University
15 questions
IBT Unit 1 Quiz

Quiz
•
12th Grade
18 questions
Inflation

Quiz
•
11th - 12th Grade
19 questions
Economic Measurements and Indicators

Quiz
•
11th - 12th Grade
17 questions
Economics

Quiz
•
9th - 12th Grade
18 questions
Macroeconomics Review

Quiz
•
9th - 12th Grade
Popular Resources on Wayground
10 questions
Video Games

Quiz
•
6th - 12th Grade
20 questions
Brand Labels

Quiz
•
5th - 12th Grade
15 questions
Core 4 of Customer Service - Student Edition

Quiz
•
6th - 8th Grade
15 questions
What is Bullying?- Bullying Lesson Series 6-12

Lesson
•
11th Grade
25 questions
Multiplication Facts

Quiz
•
5th Grade
15 questions
Subtracting Integers

Quiz
•
7th Grade
22 questions
Adding Integers

Quiz
•
6th Grade
10 questions
Exploring Digital Citizenship Essentials

Interactive video
•
6th - 10th Grade