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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is purchasing power?
💡 Hint: Think about what your money can actually buy.
Question 2
Easy
Who is most affected by inflation?
💡 Hint: Consider those who earn a consistent amount.
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 inflation do to purchasing power?
- Increases it
- Decreases it
- Has no effect
💡 Hint: Consider how much food costs now compared to a few years ago.
Question 2
True or False: Fixed-income groups are less affected by inflation.
- True
- False
💡 Hint: Think about how inflation impacts their fixed budget.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Calculate what percentage decrease in purchasing power occurs if prices rise from $200 to $220.
💡 Hint: What is the formula for finding percentage changes?
Question 2
A retiree has a fixed monthly income of $1,500. If inflation raises prices by 5% next year, how much will their income effectively reduce in purchasing power?
💡 Hint: How do you calculate the effect of a percentage increase on fixed income?
Challenge and get performance evaluation