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ECS2603 ASSIGNMENT 4 (QUIZ) SEMESTER 1 2023
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ECS2603 Assignment 4 (QUIZ) Semester 1 2023
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ECS2603ASSIGNMENT 4
SEMESTER 1 24 APRIL 2023
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Question 1
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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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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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