SSC Economics Sample Paper NCERT Sample Paper-2

  • question_answer
    Consider the following statements .about the measurement of the Inflation
    1. Prices of the items of particular sets are compared to prices of items of five year ago.
    2. Inflation is measured based on the Consumer Price Index (CPI) which measures the change in prices of a selection of goods at retail rates.
    Which of the statements given above is/are correct?

    A) Only 1  

    B) Only 2

    C) Both 1 and 2     

    D) neither 1 nor 2

    Correct Answer: D

    Solution :

    India used WPI (Wholesale Price Index as the measure for inflation but new CPI (combined) is declared as the new standard for measuring inflation (April 2014) Hence Statement 2 can be considered as correct and answer to this question would be [b]

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