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Chapters
1: Elementary Theory of Demand
2: Elasticity of Demand
3: Theory of Supply
Unit II - Factors of Production : Basic Concepts
4: Factors of Production
Unit III - Alternative Market Structures : Basic Concepts
5: Nature and Structure of Markets
Unit IV - The State and Economic Development
6: The State and Economic Development
Unit V - Money and Banking : Basic Concepts
7: Meaning and Functions of Money
8: Commercial Banks
9: Central Banks
▶ 10: Inflation
![Goyal Brothers Prakashan solutions for Economic Application [English] Class 10 ICSE chapter 10 - Inflation - Shaalaa.com](/images/economic-application-english-class-10-icse_6:4ae302fabf354f56a3e776b0889e746c.jpg "Goyal Brothers Prakashan solutions for Economic Application [English] Class 10 ICSE chapter 10 - Inflation")
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Solutions for Chapter 10: Inflation
Below listed, you can find solutions for Chapter 10 of CISCE Goyal Brothers Prakashan for Economic Application [English] Class 10 ICSE.
Goyal Brothers Prakashan solutions for Economic Application [English] Class 10 ICSE 10 Inflation QUESTIONS [Pages 223 - 226]
Multiple Choice Questions
Inflation means ______.
A state of high prices
A state of general rise in prices
A state of rise in the value of money
None of these
Identify the incorrect statement from the following:
Inflation is a state in which value of money is falling.
Higher the price level, the lower is the power of money to purchase.
Inflation is always associated with a persistent rise in the prices.
None of these
______ refers to a situation where prices rises very slowly.
Inflation
Cost push inflation
Creeping inflation
Hyper inflation
______ inflation occurs when prices rise at a very fast rate from more than 20% to 100 percent or more per annum.
Creeping inflation
Walking inflation
Running inflation
Hyper inflation
______ is beneficial for growth.
Demand pull inflation
Cost push inflation
Creeping inflation
Running inflation
Identity the correct statement from the following:
Debtors gain during inflation
Creditors lose during inflation
Both Debtors gain during inflation and Creditors lose during inflation.
Neither Debtors gain during inflation and Creditors lose during inflation.
A state where 'too much money chases too few goods' represents ______.
Demand pull inflation
Cost push inflation
Creeping inflation
Inflation
Cost push inflation is the consequence of ______.
increase in aggregate demand for goods and services
rise in costs of production
increase in public expenditure
increase in population
Demand pull inflation may be caused by ______.
increase in excise duty
increase in the price of basic raw, materials
increase in population
None of these
______ are worst affected during the period of inflation.
Debtors
Entrepreneurs
Producers
Fixed income groups
Inflation is a state of rising prices.
True
False
Inflation is only caused by demand pull factors.
True
False
Observe the relationship of the first pair of words and complete the second pair.
During inflation the debtors gain.
During inflation the ______ lose.
producers
creditors
businessmen
investors in equalities
Match the following and select the correct option:
| Column A | Column B | ||
| (i) | Inflation caused by demand pull factors | A. | Hyper inflation |
| (ii) | Inflation caused by cost push factors | B. | Creeping inflation |
| (iii) | First stage of inflation | C. | Cost push inflation inflation |
| (iv) | Last stage of inflation | D. | Demand pull inflation |
(i) A, (ii) B, (iii) D, (iv) C
(i) B, (ii) D, (iii) C, (iv) A
(i) C, (ii) D, (iii) A, (iv) B
(i) D, (ii) C, (iii) B, (iv) A
Purchasing power of money falls when ______.
Prices decrease
Prices increase
Income increases
Supply of money falls
Which of the following section of the society is most adversely affected by inflation?
Government
Producers
High income group
Fixed income groups
When the general price level increases by 10% to 20% per annum, then it will be called:
Hyper inflation
Running inflation
Walking inflation
Creeping inflation
Assertion-Reasoning & Matching Based Questions
Choose the correct answers to the questions from the given options.
Assertion (A): There has been a significant increase in global airfares post Russia - Ukraine war.
Reason (R): Higher fuel prices in the international market due to war.
A is true but R is false.
A is false but R is true.
Both A & R are true and R explains A.
Both A & R are true but R does not explain A.
Read the following statements - Assertion (A) and Reason (R). Choose one of the correct alternatives given below:
Assertion (A): Inflation is a continuous rise in the general price level.
Reason (R): Inflation increases standard of living.
Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
Both Assertion (A) and Reason (R) are true and Reason (R) is not the correct explanation of Assertion (A).
Assertion (A) is true and Reason (R) is false.
Assertion (A) is false but Reason (R) is true.
Read the following statement carefully and choose the correct alternative given below:
Assertion (A): Value of money falls during inflation.
Reason (R): Government employees are compensated for inflation by raising their dearness allowance.
Both Assertion (A) and Reason (B) are true and Reason (R) is the correct explanation of Assertion (A).
Both Assertion (A) and Reason (B) are true and Reason (R) is not the correct explanation of Assertion (A).
Assertion (A) is true but Reason (R) is false.
Assertion (A) is false but Reason (R) is true.
Short Answer Type Questions
What is inflation?
What is demand pull inflation?
What is cost push inflation?
What is the meaning of creeping inflation?
What is walking inflation?
What is meant by running inflation?
State running inflation impact on fixed income groups.
What do you understand by hyper inflation?
Give two causes of demand pull inflation.
Give two causes of cost push inflation.
How does increased money supply affect prices in an economy?
Mention the effect of inflation on the value of money.
State the effect of inflation on creditors.
State running inflation impact on fixed income groups.
A moderate dose of inflation to necessary for the development of an economy. Briefly explain.
Why do producers gain in the short run during inflation?
What is the meaning of creeping inflation?
Explain creeping inflation impact on the economy?
When the general price level increases by 10% to 20% per annum, then it will be called:
Long Answer Type Questions
What is demand pull inflation?
What is cost push inflation?
Give two causes of demand pull inflation.
Give two causes of cost push inflation.
What is inflation?
How does inflation affect the distribution of income?
Discuss the effects of inflation on production.
How does inflation affect the distribution of income?
How does inflation affect the following?
Debtors and creditors
How does inflation affect the following?
Farmers
Which of the following statements are true and which are false? Give reasons.
- Inflation refers to a persistent upward movement of the general price level.
- Inflation results in higher level of unemployment.
- Purchasing power of money falls when price level rises.
- Creditors gain during inflation.
- Creeping inflation is regarded essential for economic growth.
Goyal Brothers Prakashan solutions for Economic Application [English] Class 10 ICSE 10 Inflation QUESTION BANK [Pages 226 - 228]
What is inflation?
What is the meaning of creeping inflation?
What is walking inflation?
What is meant by running inflation?
What do you understand by hyper inflation?
What is demand pull inflation?
Give two causes of demand pull inflation.
What is cost push inflation?
Give two causes of cost push inflation.
Mention the effect of inflation on the value of money.
Which section of society gains due to inflation? Why?
Which section of the society is worst affected during inflation? Why?
How does inflation affect the following?
Farmers
A moderate dose of inflation to necessary for the development of an economy. Briefly explain.
What is inflation?
Explain four causes of inflation.
What is inflation?
State running inflation impact on fixed income groups.
Explain the effects of inflation on the following:
Producers
How does inflation affect the distribution of income?
Explain the impact of inflation on producers in the short run.
Solutions for 10: Inflation
Goyal Brothers Prakashan solutions for Economic Application [English] Class 10 ICSE chapter 10 - Inflation
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Concepts covered in Economic Application [English] Class 10 ICSE chapter 10 Inflation are Money, Inconveniences Or Difficulties of Barter System, Functions of Money, Importance of Money, Types of Money, Introduction of Inflation, Characteristics of Inflation, Types of Inflation, Concept for Barter System, Forms of Money, Features of Money, Causes of Inflation, Effects of Inflation, Anti-inflationary Measures.
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