Economics MCQs

Page No. 227

In 1989, the CPI was 124.0 in 1990, it was 130.7 What was the rate of inflation over this period ?


a5.4 percent

✓


b30.7 percent

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c You can’t tell without knowing the base year

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d 5.1 percent

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View Answer 5.4 percent

The Phillips curve shows the relationship between inflation and what ?


aThe balance of trade

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bThe rate of growth in an economy

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cThe rate of price increase

✓


dUnemployment

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View Answer The rate of price increase

In the short run unemployment may fall below the natural rate of unemployment if ?


aNominal wages have risen less than inflation

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bNominal wages have risen at the same rate as inflation

✖


cNominal wages have risen more than inflation

✓


dNominal wages have risen less than unemployment

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View Answer Nominal wages have risen more than inflation

The effect of inflation on the price competitiveness of a country’s products may be offset by ?


aAn appreciation of the currency

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bA revaluation of the currency

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c A depreciation of the currency

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d Lower inflation abroad

✓


View Answer Lower inflation abroad

An increase in aggregate demand is more likely to lead to demand pull inflation if ?


aAggregate supply is perfectly elastic

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bAggregate supply is Perfectly inelastic

✓


cAggregate supply is unit elastic

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dAggregate supply is relatively elastic

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View Answer Aggregate supply is Perfectly inelastic

Inflation ?


a Reduce the cost of living

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bReduce the standard of living

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cReduce the price of products

✓


dReduce the purchasing power of a rupee

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View Answer Reduce the price of products

If workers and firms agree on an increase in wages based on their expectations of inflation and inflation turns out to be more than they expected ?


anone of these answers

✖


b Workers will gain at the expense of firms

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cneither workers nor firms will gain because the increase in wages in fixed in the labor agreement

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d firms will gain at the expense of workers.

✓


View Answer firms will gain at the expense of workers.

Under Which of the following conditions would you prefer to be the borrower ?


aThe nominal rate of interest is 12 percent and the inflation rate is 9 percent

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b The nominal rate of interest is 20 percent and the inflation rate is 25 percent

✓


c The nominal rate of interest is 5 percent and the inflation rate is 1 percent

✖


dThe nominal rate of interest is 15 percent and the inflation rate is 14 percent

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View Answer The nominal rate of interest is 20 percent and the inflation rate is 25 percent

If inflation is 8 percent and the real interest rate is 3 percent, then the nominal interest rate must be ?


a3/8 percent

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b5 percent

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c11 percent

✓


d24 percent

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View Answer 11 percent

Suppose your income rises from Rs19,000 to Rs31,000 while the CPI rises from 122 to 169 Your standard of living has likely ?


afallen

✖


b You can’t tell without knowing the base year

✖


crisen

✓


d stayed the same

✖


View Answer risen

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