7.7 - CONCLUSION
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Practice Questions
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Define index number.
💡 Hint: What does it measure in economics?
What does CPI stand for?
💡 Hint: Think about living costs.
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Interactive Quizzes
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What does CPI measure?
💡 Hint: Think about where consumers buy their goods.
True or False: WPI includes retail prices.
💡 Hint: Consider the market level being referred to.
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Challenge Problems
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Calculate the CPI given the following prices: Year 2000 (P: $100), Year 2020 (P: $150).
💡 Hint: Use the basic CPI formula.
Discuss how a rising WPI might influence consumer behavior.
💡 Hint: Think about price sensitivity in consumer habits.
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