ECS2603 ASSIGNMENT 4 (QUIZ) SEMESTER 1 2023

ECS2603
ASSIGNMENT 4




SEMESTER 1 24 APRIL 2023

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Question 1
Not yet
answered Which of the following statements with regards to inflation are correct?

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Inflation is defined as a sustained increase in the general price level. This implies that for inflation to occur, it is sufficient for only the price of oil to increase.

Inflation is a sustained increase in the general price level. This means that there is an overall increase in the prices of most goods and services.

Inflation is a sustained increase in the general price level. This implies that for inflation to occur, all prices must increase.

To measure inflation, a yardstick is needed of the general price level and an appropriate period for measuring changes in the yardstick.




Question 2

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answered

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Year Price of lamb Index value
per kg (2012 = 100)

2010 120

2011 122

2012 126

2013 127

2014 124



What is the index value (one decimal point) for 2013?




Answer: 100.8




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