Tag: price rise/inflation

Questions Related to price rise/inflation

In India, inflation is measured through __________.

social science index number value and price important index numbers price rise/inflation

  1. Consumer Price Index

  2. Producer Price Index

  3. Wholesale Price Index

  4. None of the above

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Correct Option: C
Explanation:

Inflation rates in India are usually quoted as changes in the Wholesale Price Index (WPI), for all commodities.

The Wholesale Price Index (WPI) is the price of a representative basket of wholesale goods.

Consumer price index is also known as ____.

social science index number value and price important index numbers price rise/inflation

  1. cost of living index

  2. cost of consumption index

  3. IIP

  4. none of these

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Correct Option: A

The CPI for industrial workers and agricultural labourers are published by ______.

social science index number value and price important index numbers price rise/inflation

  1. Labour Bureau, Shimla

  2. CSO

  3. NFRA

  4. NSSO

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Correct Option: A

3 CPI which are constructed in India are-

social science index number value and price important index numbers price rise/inflation

  1. CPI for industrial workers

  2. CPI for urban non-manual employees

  3. CPI for agricultural labourers

  4. CPI for urban workers

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Correct Option: A,B,C

The ________ publishes the CPI number of urban non-manual employees. 

social science index number value and price important index numbers price rise/inflation

  1. NSSO

  2. Labour Bureau

  3. CSO

  4. Both B and C

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Correct Option: C

_________ shows the most accurate impact of price rise on the cost of living of common people.

social science index number value and price important index numbers price rise/inflation

  1. CPI

  2. Cost of living index

  3. WPI

  4. Both A and B

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Correct Option: C

The average monthly salary of a PSU employee was Rs. 40,000 in 2000 with a consumer price index of 150. In December 2006 the Consumer price index rose to 195 points. The increase in the monthly salary of the employee in order to neutralize the effect of inflation necessary is ______.

social science index number value and price important index numbers price rise/inflation

  1. Rs. 10,000

  2. Rs. 12,000

  3. Rs. 8000

  4. Rs. 9000

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Correct Option: B

CPI for industrial workers(1982=100) is 526 in January 2005 which would mean ______.

social science index number value and price important index numbers price rise/inflation

  1. the industrial worker has to pay Rs. 526 in January 2005 to survive

  2. if the industrial worker spent Rs 100 in 1982 for a basket of commodities, he needs Rs 526 in January 2005 to be able to buy an identical basket of commodities.

  3. the industrial worker has to pay Rs. 526 in January 2005 on basic commodities

  4. none of these

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Correct Option: B

The average monthly emoluments of PSU officers were Rs. 25,000 p.m. in 2006 when the consumer price index was 150 in 2006, in 2014 their monthly emoluments went up to Rs. 40,000 due to additional DA paid from time to time which is directly based on consumer price index. The Consumer price index in 2014 is____.

social science index number value and price important index numbers price rise/inflation

  1. 210

  2. 240

  3. 196

  4. 215

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Correct Option: B

_______ refers to the importance of a commodity due to its usefulness whereas _______ refers to the capacity of a commodity to command or obtain other goods in exchange.

social science prices and cost of living value and price utility, value and price price rise/inflation

  1. Value in use, value in exchange

  2. Value in exchange, value in use

  3. Price, value in exchange

  4. Price, value

Show answer
Correct Option: A
Explanation:

Power of commodity which can command to exchange itself with the other good is called the Value of product. It refers to the importance of a commodity due to its usefulness. Usually a product is valued by the money. Capacity of a commodity to command or obtain other goods in exchange is called value of exchange.