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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is the main purpose of an index number?
💡 Hint: Think about what indices help us track.
Question 2
Easy
Define inflation.
💡 Hint: Consider what happens to your money's value over time.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What does an index number measure?
- A measure of individual prices
- A measure of change in a group of variables
- A measure of company profit
💡 Hint: Consider the function of index numbers.
Question 2
True or False: Inflation measures the decrease in prices over time.
- True
- False
💡 Hint: Reflect on what inflation actually means.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
You are given data about the prices of a specific item over the last decade. Develop an index number for this item, using the first year as the base year. Explain your method.
💡 Hint: Focus on the formula for index numbers.
Question 2
Analyze how a rise in the Consumer Price Index affects lower-income families and propose a solution.
💡 Hint: Think about the impact on daily expenses.
Challenge and get performance evaluation