(IGP) GS Paper 1 - Economic & Social Development - "Inflation - Concepts, Facts & Policy - MCQ"

Subject - Economic and Social Development
Chapter - Inflation - Concepts, Facts & Policy

1. Consider the following statements.

1. GDP deflator is a measure of the change in prices of all new, domestically produced, final goods & services in an economy.
    
2. The new series of WPI is based on the recommendations of a working group that was set up under planning commission member Abhijit Sen.
    
3. WPI is the only price Index in India which is available on a weekly basis.
    
4. The new series of WPI has 435 items.

Which of the above statements is / are true.

1. 1, 2, 3 & 4
2. 2, 3 & 4 only
3. 2 & 3 only
4. 1, 2 & 3 only

2. Consider the following statements.

1. There are three consumer price indices in India.
    
2. The inverse relation between rate of inflation & rate of unemployment is shown in the Philips Curve.

Which of the above statements is / are true.

1. 1 & 2
2. 1 only
3. 2 only
4. Neither 1 nor 2

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