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IB Economics HL 3.3.5 Hl Weighted Price Index Questions

Practise 3.3.5 (HL) Weighted price index in IB Economics HL by reviewing the concepts and applying them to marked questions.

Syllabus
First assessment 2022
Course
Economics HL
Level
HL

Exam points

  • A weighted price index uses quantities purchased as CPI weights
  • Calculation [HL]: weighted price index from data

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Study 3.3.5 (HL)—Weighted price index conceptsOpen the corresponding Concept lesson for explanations, examples and exam connections.

IB Economics HL 3.3.5 Hl Weighted Price Index Questions question 1

[Maximum number: 3]

The following information provides a simplified version of the calculation of a consumer price index (CPI).

In Country A, the rate of inflation is measured by the calculation of a CPI. The index is calculated using the five products which are purchased by citizens of Country A as representative of a "typical basket of goods".

The weighting given to each product is based on the quantities of each product purchased by the average household in Country A per week.

Table 1

Table 1

Assume that 2015 is the base year for the purpose of calculating the CPI.

Calculate the consumer price index (CPI) for Country A in 2016.

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