Introduction to Index Number Test

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Introduction to Index Number Test - 2

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Weekly Quiz Competition

Question 1
1 / -0

The base year of IIP is

A
2004-05

B
1994-1995

C
2001-2002

D
2000-2001

Solution

IIP is calculated by the Central Statistical Organisation (CSO). CSO takes the base year as 2004-05.
Question 2
1 / -0

Laspeyre’s index formula uses the weights of the

A
Current year

B
Base year

C
Average of the weights of a number of years

D
None of the above

Solution

In case of calculating the price index, assuming that for individual item price at the base period.
Question 3
1 / -0

An appropriate method for working out consumer price index is

A
family budget method

B
price relative method

C
weighted aggregate expenditure method

D
none of the above

Solution

In this method, the family budgets of a large number of people are carefully studied and the aggregate expenditure of the average family on various items is estimated.
Question 4
1 / -0

The weights used in Passche’ s formula belong to

A
The given period

B
The base period

C
To any arbitrary chosen period

D
None of the above

Solution

Paasche’s Method:
Under this method of calculating Price Index, the quantities of the current year are used as weights as compared to base year quantities used by Laspeyres.
Question 5
1 / -0

_________ is known as Ideal index number

A
Fisher’s index number

B
Paasche’s Index number

C
Laspeyres Index number

D
None

Solution

Fisher has discovered weighted index number in which he tries to calculate best index number because he has taken both current and past years quantity as the base of price index number.
Question 6
1 / -0

______ are devices for measuring differences in the magnitude of a group of related variables

A
Standard deviation

B
Mean

C
Time numbers

D
Index numbers

Solution

An index number is a statistical device for measuring changes in the magnitude of a group of related variables.
Question 7
1 / -0

_____ in which current year quantities are used

A
Laspeyre’s

B
Fisher’s

C
Paasche’s

D
None

Solution

Passche's Price Index is calculated by taking current year quantities as base therfore it is also called current year quantity weight method.
Question 8
1 / -0

The main group of industries covered by IIP are

A
Electricity

B
Manufacturing

C
Mining

D
All of these

Solution

The Index of Industrial Production (IIP) is an index for India which details out the growth of various sectors in an economy such as mineral mining, electricity and manufacturing.
Question 9
1 / -0

WPI stands for

A
Wholesale Price Index

B
Weighted Price Index

C
Whole Price Index

D
None

Solution

The wholesale price index number (WPI).

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Introduction to Index Number Test - 2

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Introduction to Index Number Test - 2

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Question 1

2004-05

1994-1995

2001-2002

2000-2001

Solution

Question 2

Current year

Base year

Average of the weights of a number of years

None of the above

Solution

Question 3

family budget method

price relative method

weighted aggregate expenditure method

none of the above

Solution

Question 4

The given period

The base period

To any arbitrary chosen period

None of the above

Solution

Question 5

Fisher’s index number

Paasche’s Index number

Laspeyres Index number

None

Solution

Question 6

Standard deviation

Mean

Time numbers

Index numbers

Solution

Question 7

Laspeyre’s

Fisher’s

Paasche’s

None

Solution

Question 8

Electricity

Manufacturing

Mining

All of these

Solution

Question 9

Wholesale Price Index

Weighted Price Index

Whole Price Index

None

Solution

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