Introduction to Index Number Test

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Introduction to Index Number Test - 11

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Weekly Quiz Competition

Question 1
1 / -0

While calculating index numbers, the period with which the comparison is to be made, is known as the _______.

A
compared period

B
base period

C
comparable period

D
none of these

Solution

Index numbers are tools for measuring changes in the magnitude of a variable (such as price) or a group of related variables overtime with respect to a chosen base year. They are the series of variables that show the relative position of a variable. The most common use of index numbers in economics is in the calculation of the retail price index and wholesale price index which help measure the rate of inflation in the economy, relative to the base year.
Question 2
1 / -0

The Human Development Index (HDI) is introduced by _______.

A
UNDP

B
UNICEF

C
IMF

D
World Bank

Solution

The Human Development Index (HDI) is a statistical tool used to measure a country's overall achievement in its social and economic dimensions. The social and economic dimensions of a country are based on the health of people, their level of education attainment and their standard of living.

Pakistani economist Mahbub ul Haq created HDI in 1990 which was further used to measure the country's development by the United Nations Development Program (UNDP).
Question 3
1 / -0

Human Development Index (HDI) is a composite index of which of the following?

A
Health , literacy and employment

B
National income , size of population and general price level

C
National income , per capita income and per capita consumption

D
Physical resources , monetary resources and population size

Solution

The Human Development Index (HDI) is a statistic composite index of life expectancy, education (Literacy Rate, Gross Enrollment Ratio at different levels and Net Attendance Ratio) , and per capita income indicators, which are used to rank countries into four tiers of human development.
Question 4
1 / -0

A quantity index that is designed to measure changes in physical volume or production levels of industrial goods over time is known as the

A
physical volume index

B
time index

C
Index of Industrial Production and Capacity Utilization

D
none of the above

Solution

A quantity index that is designed to measure changes in physical volume or production levels of industrial goods over time is known as the Index of Industrial Production and Capacity Utilization.

Question 5

1 / -0

Price index numbers express __________.

relative price level of commodities depending on the base period

the changes in the physical volume of production, construction or employment.

level of the output in the economy.

none of the above

Solution

Index numbers are tools for measuring changes in the magnitude of a variable or a group of related variables overtime with respect to a chosen base year. They are the series of variables that show the relative position of a variable. When the concerned variable is price, it is known as a price index.

There are various methods of calculating a price index, and can be grouped as the following:

Simple Method	Weighted method
Simple Aggregate Method	Weighted Average of Price Relatives Method
Simple Average of Price Relatives Method	Weighted Aggregative Relatives Method Laspeyres’ Index Paasche’s Index Fischer’s Index

Question 6
1 / -0

An index number is called a simple index when it is computed from:

A
Multiple variable

B
Bi-variable

C
Single variable

D
None of these

Solution

An index number is called a simple index when it is computed from single variable.
Question 7
1 / -0

Stock market indexes traditionally served as a benchmark to measure the performance of which of the following types of portfolios of the investors/promoters?

A
Equity portfolio

B
Tax saving instruments

C
Mutual Funds

D
Investments in Govt Securities
Question 8
1 / -0

The base year for SENSEX is____.

A
1976-1977

B
1978-19779

C
1977-1978

D
none
Question 9
1 / -0

________ is not a dimension of Human Development Index.

A
Per Capita income

B
Education

C
Life expectancy

D
Moral value

Solution

Moral value is not a dimension of Human Development Index. HDI stands for Human Development Index. It can be defined as a statistic composite index of human development indicators, like, life expectancy, education, per capita income, etc. HDI helps to rank countries.
Question 10
1 / -0

IIP stands for ________.

A
Indian Industrial Production

B
Index of Indian Production

C
Index of Indian Prices

D
Index of Industrial Production

Solution

IIP stands for the Index of Industrial Production. The index of industrial production measures changes in the level of industrial production comprising many industries. It includes the production of the public and the private sector. In India, it is currently calculated every month with 2004-2005 as the base year. It is a weighted average of quantity relative to price.

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Introduction to Index Number Test - 11

Result

Introduction to Index Number Test - 11

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SHARING IS CARING

Question 1

compared period

base period

comparable period

none of these

Solution

Question 2

UNDP

UNICEF

IMF

World Bank

Solution

Question 3

Health , literacy and employment

National income , size of population and general price level

National income , per capita income and per capita consumption

Physical resources , monetary resources and population size

Solution

Question 4

physical volume index

time index

Index of Industrial Production and Capacity Utilization

none of the above

Solution

Question 5

relative price level of commodities depending on the base period

the changes in the physical volume of production, construction or employment.

level of the output in the economy.

none of the above

Solution

Question 6

Multiple variable

Bi-variable

Single variable

None of these

Solution

Question 7

Equity portfolio

Tax saving instruments

Mutual Funds

Investments in Govt Securities

Question 8

1976-1977

1978-19779

1977-1978

none

Question 9

Per Capita income

Education

Life expectancy

Moral value

Solution

Question 10

Indian Industrial Production

Index of Indian Production

Index of Indian Prices

Index of Industrial Production

Solution

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