
Inflation Check
Authored by Christopher Warren
Social Studies
12th Grade
Used 11+ times

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30 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best defines inflation?
A sustained decline in the average level of prices for a basket of goods over time
The total number of people who are actively seeking work, but cannot find employment
A decrease in the rate at which average prices increase over time
The general and sustained rise in the average level of prices over time
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the inflation rate was 5% last year and 3% this year, what has occurred?
Demand pull inflation
Deflation
Disinflation
Inflation
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the price of a basket of goods was $75 in 2016, and the same basket of goods cost $71 in 2017, what has occurred during this time?
Disinflation of 5.33%
Deflation of 5.33%
Inflation of 5.63%
An economic recession
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is not a criticism of using the CPI to measure inflation?
The CPI looks solely at prices and disregards improvements in quality
Regional and cultural differences in expenditure make it difficult to compare CPI figures across different areas of a country or countries
The CPI is determined by weighting different categories of items based on importance to the average household
The basket of goods used in computing the CPI is not necessarily representative of all households
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is most useful as a measure of inflation for firms?
PPI
CPI
RPI
RPI - X
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is most likely to be omitted when measuring the core CPI?
Movie tickets
Clothing
Cooking oil
Books
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When does demand-pull inflation occur?
Supply shocks
Cost of raw materials rise
Higher AD
Governments print more money
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