Prelims Marathon – Inflation and Unemployment – March 14th – 2023

Consider the following statements:
1.A price index is a weighted average of the prices of a number of goods and services.
2.Inflation is measured from point-to-point.
Which of the statements given above is/are correct?

Consider the following statements:
1.The supply decreases with the same level of demand and thus the situation of demand-pull inflation arise.
2.The price rise which is the result of increase in the production cost is cost-push inflation.
Which of the statements given above is/are NOT correct?

Which of the following is/are measure/s to control inflation?
1.Supply side measures
2.Cost side measures
3.Following loose monetary policy
Choose the correct answer from below given codes:

Which of the following inflation has increase of annual rates in million or even trillion?

The excess of total government spending above the national income is known as?

“It is a graphic curve which advocates a relationship between inflation and unemployment in an economy” – related to?

“It is a situation in an economy when inflation and unemployment both are at higher levels, contrary to conventional belief” – is related to?

Consider the following statements regarding GDP deflator?
1.It is the ratio between GDP at Current Prices and GDP at Constant Prices.
2.It is acclaimed as a better measure of price behavior because it covers all goods and services produced in the country.
Which of the statements given above is/are correct?

“Neora valley national park”, is recently seen in news is located at?