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ECS2603 Assignment 4 Semester 2 2023 (Solutions/answers)

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Course
South African Economic Indicators (ECS2603)

Institution
University Of South Africa (Unisa)

ECS2603 Assignment 4 Semester 2 2023 (Solutions/answers) questions: Question 1 Answer saved Marked out of 3.00 Flag question Question text Which of the following statements with regards to inflation are correct? Inflation is defined as a sustained increase in the general price level. This...

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ecs2603 assignment 4 semester 2 2023 solutionsan

Institution
University of South Africa (Unisa)
Course
South African Economic Indicators (ECS2603)

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,Question 1
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Question text
Which of the following statements with regards to inflation are correct?

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 123
2014 124

What is the index value (one decimal point) for 2013?
97.6
Answer:

Question 3
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Complete the following table (one decimal point) and answer the questions:
Index
Price of value
Year lamb per
kg (2012 =
100)

, 2010 118
2011 122
2012 126
2013 124
2014 130

An index number is the ratio of the value of a variable or group of variables at a given time or during a specified
period to its value at a base time or during a base period.

True
False
The frequency of the index numbers is yearly.

True
False
The index is an example of a specific index.

True
False
The index value (one decimal point) for 2014 is
103.2
Answer
In the year that the index value was the highest the price of lamb per kg was the highest.

True
False
The biggest percentage increase in the price of lamb was in
3.28
Answer

Question 4
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Deflation is a decrease in the general price level of goods and services

True

False

Clear my choice

Question 5
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The CPI is an index of prices of all consumer goods and services.

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