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Confidence votes 317. Inertia is rotary momentum; an object's ability to continue spinning when a decelerating force is applied. Just as a heavy object takes more effort to stop from the same speed as a light object, so does a heavy object take more effort to stop from turning at the same speed as a light object. So assuming they are turning at the same angular velocity, the heavier one has a larger inertia.
An object on the Moon would weigh less than it does on Earth because of the lower gravity, but it would still have the same mass. This is because weight is a force, while mass is the property that (along with gravity) determines the strength of this force.