Inflation — Important Questions
ICSE · Class 10 · Economic Application
66 important questions from Inflation for ICSE Class 10 Economic Application, with answers. Written for the board exams 2027.
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Important Questions from Inflation
Which index measures the average change in prices paid by consumers for a representative basket of goods and services?
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CPI
CPI means Consumer Price Index. It measures the average change in prices paid by consumers for a representative basket of goods and services.
The rate of inflation is calculated using which formula?
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(CPI_2 - CPI_1) / CPI_1 × 100
The formula for rate of inflation is given as (CPI_2 - CPI_1) / CPI_1 × 100, where the subscripts are used exactly in that order.
Prices rise slowly at about 1% to 3% per year. What type of inflation is this?
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Creeping inflation
Creeping inflation is the first and mildest stage of inflation. Prices rise slowly, about 1% to 3% annually.
Which type of inflation is called the warning signal for the government?
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Walking or trotting inflation
Walking or trotting inflation is the stage where prices rise moderately, and it acts as a warning signal before it turns into running inflation.
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