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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What does a value index number measure?
💡 Hint: Think about what an index number tracks.
Question 2
Easy
If the price of a good increased but the quantity decreased, what can we infer about the value index?
💡 Hint: Consider how both elements interact.
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 combination does the value index number consider?
- Price only
- Quantity only
- Both price and quantity
💡 Hint: Remember the key elements that define total value.
Question 2
True or False: A value index number can only increase.
- True
- False
💡 Hint: Think about what happens when both price and quantity drop.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A car manufacturer sold 100 units at $30,000 each last year. This year, they sold 120 units at $32,000 each. Calculate the value index number and interpret the economic implications.
💡 Hint: Ensuring accuracy requires checking your calculations carefully.
Question 2
Discuss the impact of reducing price while increasing quantity on the value index number and provide an example.
💡 Hint: Think critically about the balance between price and quantity, and how each can affect the overall value.
Challenge and get performance evaluation