0 votes
8 views
in Social Science by (45.8k points)
closed by

Define the following terms:

1. inflation

2. price index

3 . CPIs

4. WPIs 

1 Answer

+1 vote
by (45.9k points)
selected by
 
Best answer
  1. Continuous rise in prices of goods is known as inflation.
  2. Change in price is measured with the help of a statistical device known as a price index.
  3. CPIs are used to calculated DA (Dearness Allowance) to be paid for government employees, to revise legal wages, etc.
  4. WPIs are helpful in calculating the rates of inflation.

Welcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to their queries. Students (upto class 10+2) preparing for All Government Exams, CBSE Board Exam, ICSE Board Exam, State Board Exam, JEE (Mains+Advance) and NEET can ask questions from any subject and get quick answers by subject teachers/ experts/mentors/students.

Categories

...