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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is the purpose of an index number?
💡 Hint: Think about why we need to track prices or production.
Question 2
Easy
Define a base year.
💡 Hint: What do we compare other years against?
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 is a volume index primarily focused on?
- Price changes
- Quantity changes
- Value changes
💡 Hint: Think about what it captures in terms of goods.
Question 2
True or False: The base year should reflect extreme economic conditions.
- True
- False
💡 Hint: What kind of economic situation provides a clear reference?
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A country used 2005 as a base year with inflation rates peaking in 2010 and 2015. Critically assess how this could mislead economic policies.
💡 Hint: Think about the difference economic conditions could have on trends.
Question 2
Examine how methodology changes (switching from Laspeyre's to Paasche's) could impact the reported inflation rate over a decade.
💡 Hint: Consider how consumers adapt their choices in response to price changes.
Challenge and get performance evaluation