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Economy Previously Asked Questions: Inflation and Price Index
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Economy Previously Asked Questions: Inflation and Price Index
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25 Questions

1. A rapid increase in the rate of inflation is sometimes attributed to the 'base effect'. What 'base effect'?
2. Inflation rate based on consumer price index increases if
3. The base year for All-India Wholesale Price Index (WPI) has been changed by the Government of India from 2004-05 to
4. Assertion (A): The rate of inflation in India has come down in the last three years. Reason (R): The country has received a large amount of foreign capital during these years. Select the correct answer from the codes given below. Code
5. In India, inflation is measured by the
6. With reference to India, consider the following statements.
1. The Wholesale Price Index
(WPI) in India is available on a monthly basis only.
2. As compared on Consumers Price Index for Industrial Workers [CPI(IW)] the WPI gives less weight to food articles. Which of the following statement(s) given above is/are correct?
7. Consider the following statements and state which is/are correct?
1. The sub-prime crisis which hit the U.S. economy was caused by sudden increase in oil prices.
2. The crisis led to default in home loan repayment.
3. It led to failure of some U.S. Banks.
4. Sub-prime crisis caused crash in Indian stock market. Choose your answer from the given codes.
8. Consider the following statements.
1. Inflation benefits the debtors.
2. Inflation benefits the bond holders. Which of the statement(s) given above is/are correct?
9. In calculation of index of wholesale prices, which one of the following sector is assigned maximum weightage?
10. With reference to India, consider the following statements.
1. The Wholesale Price Index
(WPI) in India is available on a monthly basis only.
2. As compared on Consumers Price Index for Industrial Workers [CPI(IW)] the WPI gives less weight to food articles. Which of the following statement(s) given above is/are correct?
11. Economic growth is usually coupled with
12. Which is incorrect about inflation?
13. Which one of the following is NOT a method to control inflation?
14. Consider the following statements and state which is/are correct?
1. The sub-prime crisis which hit the U.S. economy was caused by sudden increase in oil prices.
2. The crisis led to default in home loan repayment.
3. It led to failure of some U.S. Banks.
4. Sub-prime crisis caused crash in Indian stock market. Choose your answer from the given codes.
15. Which one of the following statements is an appropriate description of deflation?
16. Who has been recently made the chairman of the work group on revision of Wholesale Price Index Services?
17. For measuring the changes in the price level of the country, which among the following index number is used?
18. An expression coined by economists to describe an economy that is growing at such a slow pace that more jobs are being lost than are being added
19. Which of the following fixed the four percent inflation target in India with tolerance level of +/–2 percent for the period 2016 to 2021?
20. An expression coined by economists to describe an economy that is growing at such a slow pace that more jobs are being lost than are being added
21. Index 'Residex' is associated with
22. Which is incorrect about inflation?
23. In India, in the overall Index of Industrial Production, the indices of eight core industries have a combined weight of 37-90%. Which of the following are among those eight core industries?
1. Cement
2. Fertilisers
3. Natural gas
4. Refinery products
5. Textiles Select the correct answer using the codes given below.
24. Who amongst the following benefits most from inflation?
25. Which of the following price index number are used for calculation of Central Government employee wage compensation?

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