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Consumer Price Index and Inflation Quiz

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Questions and Answers

What is the primary aim of maintaining moderate inflation at 2%?

To ensure high unemployment rates

To keep the value of money constant and support growth (correct)

To increase the cost of living significantly

To decrease the nominal interest rates

Which of the following accurately describes the Consumer Price Index (VPI)?

A formula primarily for calculating unemployment rates

A method for measuring price changes using a base for comparison (correct)

A measure that reflects income changes

A measure solely based on housing prices

How does the Harmonized Consumer Price Index (HVPI) differ from the Consumer Price Index (VPI)?

HVPI excludes additional items like gambling

HVPI does not consider any form of home ownership

HVPI is calculated using only a single type of good

HVPI includes additional items and addresses home ownership indirectly (correct)

What is the base year in the context of the Consumer Price Index (VPI)?

<p>The year with a price index of 100</p> Signup and view all the answers

What is the formula for calculating the price index in the VPI?

<p>Price index = Σ(Price of good * Quantity of good) / Σ(Base price of good * Quantity of good) * 100</p> Signup and view all the answers

Consumer Price Index and Inflation Quiz

Choose a study mode

Podcast

Questions and Answers

What is the primary aim of maintaining moderate inflation at 2%?

Which of the following accurately describes the Consumer Price Index (VPI)?

How does the Harmonized Consumer Price Index (HVPI) differ from the Consumer Price Index (VPI)?

What is the base year in the context of the Consumer Price Index (VPI)?

What is the formula for calculating the price index in the VPI?

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