Inflation — Practice Quiz
ICSE · Class 10 · Economic Application
Try a 4-question quiz on Inflation for ICSE Class 10 Economic Application: tap an answer to check it and see why. 66 questions in the full chapter test.
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Quick Quiz: Inflation
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Inflation means a general rise in the prices of goods and services over time. Which statement is correct?
A one-time rise in the price of rice is recorded for one month only. Which statement is correct?
The value of money is the purchasing power of money. Which formula is correct?
At a price of ₹10 per kg, one rupee buys 100 g of wheat. If the price falls to ₹8 per kg, how much wheat can one rupee buy?
Sample Questions
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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