Banking Awareness Based on Inflation | Daily Banking Awareness Quiz

Banking Awareness Based on Inflation | Daily Banking Awareness Quiz

Banking Awareness Quiz for SBI Clerk, SBI PO, RBI, IBPS PO/Clerk/RRB/SO & other Banking & competitive exams 2020-21. Banking Awareness is an important part of any banking and Financial exam. You can Attempt Banking Awareness Quiz.

Topic- Inflation

Q1.What is inflation?
(a)Inflation refers to the rise in the prices of most goods and services of daily or common use, such as food, clothing, housing, recreation, transport, consumer staples, etc.
(b)Inflation is indicative of the decrease in the purchasing power of a unit of a country’s currency
(c)Inflation measures the average price change in goods and services in a quarter
(d)Both (a)&(b)
(e)Both (a)&(c)

Answer & Explanation
Ans.1.(d)
Exp.Inflation refers to the rise in the prices of most goods and services of daily or common use, such as food, clothing, housing, recreation, transport, consumer staples, etc.It is indicative of the decrease in the purchasing power of a unit of a country’s currency.

Q2.Who has the authority to measure Inflation in India?
(a)Ministry of Statistics and Programme Implementation
(b)Reserve bank of India
(c)Ministry of finance
(d)Ministry of Home affairs
(e)Central statistics office

Answer & Explanation
Ans.2.(a)
Exp.The Ministry of Statistics and Programme Implementation measures inflation in India.

Q3.In India, Inflation is primarily measured by-
(a)Human development index
(b)consumer price Index
(c)Price index
(d)Wholesale price Index
(e)Both (b)&(d)

Answer & Explanation
Ans.3.(e)
Exp.In India, Inflation is primarily measured by consumer price Index & Wholesale price Index.

Q4.which of these is Not a type of Consumer price index?
(a)CPI for Industrial Workers (IW)
(b)CPI for Agricultural Labourer (AL).
(c)CPI for Rural Labourer (RL).
(d)CPI (Rural/Urban/Combined)
(e)CPI for investors(IV)

Answer & Explanation
Ans.4.(e)
Exp.CPI for Farmers(FR) is not any type of CPI.

Q5.Base year to calculate CPI is-
(a)2010
(b)2011
(c)2012
(d)2007
(e)2000

Answer & Explanation
Ans.5.(c)
Exp.Base year to calculate CPI in India is 2012.

Q6.Wholesale Price Index refers to-
(a)A statistic composite index of life expectancy, education and per capita income indicators
(b)An index measures changes in the price level of a weighted average market basket of consumer goods and services purchased by households
(c)An index that measures the average changes in prices received by domestic producers for their output
(d)An index that measures and tracks the changes in the price of goods in the stages before the retail level.
(e)All of the above

Answer & Explanation
Ans.6.(d)
Exp.Wholesale Price Index refers to an index that measures and tracks the changes in the price of goods in the stages before the retail level.

Q7.In order to show the average price changes of goods, Wholesale price index is reported on-
(a)Quarterly basis
(b)Monthly basis
(c)weekly
(d)yearly
(e)every 2 years

Answer & Explanation
Ans.7.(c)
Exp.In order to show the average price changes of goods, Wholesale price index is reported on a monthly basis

Q8.What are the causes to measure Inflation?
(a)Demand-pull inflation
(b)Cost-push inflation
(c)Devaluation
(d)Rising wages
(e)All of the above

Answer & Explanation
Ans.8.(e)
Exp. the causes to measure Inflation are Demand-pull inflation, Cost-push inflation, Devaluation & Rising wages

Q9.Total number of items covered under WPI are-
(a)697
(b)504
(c)616
(d)532
(e)422

Answer & Explanation
Ans.9.(a)
Exp.Total number of items covered under WPI are 697.It measures change in prices of goods charged by whole seller.

Q10.Producer Price Index measures-
(a)cost changes from the viewpoint of wholeseller
(b)price movements from the investors point of view
(c)price movements due to change in demand or supply of a product
(d)cost changes from the viewpoint of the consumer
(e)price movements from the seller’s point of view

Answer & Explanation
Ans.10.(e)
Exp.Producer Price Index measures price movements from the seller’s point of view.

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