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Quiz: Inflation

February 20, 2024

Who’s in charge of interest rates? Who does inflation affect most? Take the quiz to test your knowledge.

What is inflation?*
- How much more expensive goods and services have become over a certain period of time
- A transformation of currencies into rare collectibles
- A strategy businesses use to maximize profits
- A decrease in the overall price of goods and services
How does inflation affect the everyday lives of people?*
- It increases purchasing power
- It decreases purchasing power
- It has no impact on purchasing power
- It stabilizes prices
What does the Consumer Price Index measure?*
- The total value of goods and services produced in a country
- How much money is in circulation within an economy
- A typical consumer’s average cost for a basket of goods and services
- The average income of residents within a household
Does inflation affect some people more than others?*
- Inflation affects everyone equally
- Inflation affects low-income people more
- Inflation affects high-income people more
Inflation in one country can impact the rest of the world.*
- True
- False
What are examples of high inflation periods in the United States?*
- Post-World War II
- The COVID-19 pandemic
- Gas prices in 2008
- All of the above
What part of the government has the power to raise or lower interest rates to manage inflation?*
- Federal Reserve
- Bureau of Economic Analysis
- Economic Development Administration
- Department of Commerce
Who chooses the head of the Federal Reserve?*
- The House of Representatives nominates someone and the Senate confirms them
- The president nominates someone and the Senate confirms them
- The president chooses someone by executive order
- The head of the Commerce Department chooses someone

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