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1. Inflation is the state in which …………………………
(a) The value of money decreases
(b) The value of money increases
(c) The value of the money increases first and then decreases
(d) The value of money decreases first and increases later
2. How inflation affects the price of the commodities?
(a) Price of the commodities decreases
(b) Price of the commodities increases
(c) No effect
(d) First the price decreases later on increases
3. When there is high inflation in the economy, how will it affect the supply of money in the economy?
(a) No effect on the money supply
(b) Supply of money decreases
(c) Supply of money increases
(d) None of the above
4. Which of the following class will not be negatively affected by the higher inflation?
(a) The consumer class
(b) The debtor class
(c) Pensioner class
(d) Business class
5. What is a stagflation?
(a) A situation in which the economy experiences recession.
(b) A situation in which the economy have inflation and recession altogether
(c) An economy where unemployment is high
(d) Both b and c
6. Who compared the inflation with the robbers?
(a) Professor Keynes
(b) Professor Jagdish Bhagwati
(c) Professor Brahmand and Wakeel
(d) Amartya Sen and JK Mehta
7. Who wrote the book “How to pay for Money”?
(a) Amartya Sen
(b) Adam Smith
(c) Karl Marx
(d) Professor Keynes
8. Which of the following concept is just opposite to deflation?
9. Which of the following measure is adopted to reduce inflation?
(a) Reduction in bank rate
(b) Reduction in Repo rate
(c) Increase in government expenditure
(d) Cuts in government spending
10. What is the base year for measuring inflation at wholesale Prices Index (WPI) in India?
1)(a) The value of money decreases
2)(b) Price of the commodities increases
3)(c) Supply of money increases
4)(d) Business class
5)(d) Both b and c
6)(c) Professor Brahmand and Wakeel
7)(d) Professor Keynes
9)(d) Cuts in government spending
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