Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Economics > Inflation > Flashcards

Inflation Flashcards

1
Q

Inflation

A

Inflation is persistent rise in the average price of goods of services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Deflation

A

Deflation is negative inflation: fall in price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Disinflation

A

Disinflation is reduction in rate of inflation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Stagflation

A

Stagflation is combination of inflation and rising unemployment due to recession

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Reflation

A

Reflation is when inflation returns after a spell of deflation and recession thus showing growth is back

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Open Inflation

A

Open inflation is when govt does not manage the inflation through subsidies, fiscal and monetary policies

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Suppressed Inflation

A

Suppressed inflation: When inflation is managed by fiscal and monetary policies that is inflation is there but govt is keeping it under check
Also called hidden inflation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Creeping Inflation

A

Creeping inflation is Up-to 4%

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Trotting Inflation

A

Trotting inflation is 5-10%

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Galloping Inflation

A

Galloping is 10-20%

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Runaway Inflation

A

Runaway is between Galloping and Hyper inflation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Hyperinflation

A

Hyperinflation requires a monthly inflation of 20-30 %

C

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Cost Push Inflation

A

Cost Push inflation is also known as supply shock

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Structural Inflation

A

Structural inflation is a type of persistent inflation due to certain deficiencies in economy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Structural inflation constraints

A
  • Leakage in PDS
  • inefficient distribution: Duplicity and ghost beneficiaries
  • Monopoly of APMC
  • Inability of agriculture sector to respond to increased demands for certain portion due to MSP
  • poor storage conditions
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Fiscal Measures to control inflation

A

FM- reduction in indirect taxes

17
Q

Monetary measures to combat inflation

A

MM- Repo and reverse repo, CRR, SLR, MSF, OMO

18
Q

Administrative measures to combat inflation

A

AM- Essential commodities act, dishoarding, anti black marketing measures

19
Q

GDP Deflator

A

Ratio of nominal to real GDP

- Measures of inflation

20
Q

Producer Price Index (PPI)

A

Measures the change in prices received by a producer

21
Q

Order of price indexes

A

PPI > WPI > CPI

22
Q

Philips Curve

A

Inverse relationship b/w rate of inflation and rate of unemployment

23
Q

Repressed Inflation

A
  • Repressed inflation is when govt interrupts a price rise through measures like price control and rationing.
  • Distribution system is based on govt control
24
Q

Golder Committee

A

In 2014 introduced Producer Price Index

25
Q

Urjit Patel committee

A

UP- ideal inflation is 4% +-2%

26
Q

Chakravarty Committee

A

CVC- Ideal inflation is 4%

27
Q

Chandrasekhar Committee

A

Service Price Index

28
Q

Wholesale Price Index WPI

A

WPI
By- office of Economic Advisor (OEA), Department of Industrial Policy and Promotion (DIPP)

Base Year- 2011-12

Composition: Mfd products-64% (Basic metals > mfd food)
Primary Articles- 23% (food>non food> minerals)
Fuel & Power - 13% (Mineral oil > Electricity > Coal)

No SERVICE and UNORGANISED sector

29
Q

Index of eight Core Industries (ICI)

A

ICI
By- Office of Economic Advisor , Department of Industrial Policy and Promotion (DIPP)

Type: Eight core industries

Base Year: 2011-12

Composition: Petroleum refinery (28%)> Electricity (20%) > Steel (18%) > Coal (10%) > Crude Oil (9%) > Natural Gas (7%) > Cement (5%) > Fertilizer (3%)

30
Q

Index of Industrial Production (IIP)

A

IIP
By- Central Statistical Office (CSO), Ministry of Statistics and Programme Implementation (MoSPI)

Base Year- 2011-12

Composition: Mfg (78%) > Mining (14%) > Electricity (8%)

31
Q

Consumer Price Index (CPI)

A
  • Rural, Urban, Combined

By: Central Statistical Office (CSO), Ministry of Statistics and Programme Implementation (MoSPI)

  • Housing not covered in Rural
32
Q

CPI labour

A

By labour Bureau

Base year:
Agri Labour- 1986-87
Rural Labour- 1986-87
Industrial Worker- 2016

33
Q

Experiment Business service price Index (BSPI)

A

BSPI
By-OEA, DIPP

Monthly: Railway/Banking/Air/Portal
Quarterly: Insurance/Telecom
Yearly: Port

34
Q

Nikkei Purchasing Managers Index (PMI)

A

By: Nikkei Japan

35
Q

RESIDEX

A

RESIDEX
By- National Housing Board (NHB)

Base Year: 2017-18

Quarterly: 50 cities

36
Q

Housing Price Index

A

HPI
By- RBI

Base year- 2010-11

Quarterly: 10 cities

37
Q

GDP Deflator

A

GDP Deflator

By- CSO MoSPI

38
Q

Cost of Inflation Index

A

By- Central Board of Direct Taxes (CBDT), Ministry of Finance

Economics (31 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions