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Introduction to Index Number Test - 4

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Introduction to Index Number Test - 4
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  • Question 1
    1 / -0

    In index numbers, price in the base year is denoted by ………..

    Solution

     p0 indicate the price of the commodity in the base period, Symbolically p0 prices of base year

  • Question 2
    1 / -0

    ____ is the ratio of the price of a certain commodity at the current year to its price at the base year.

    Solution

    Price Relative = P1/P0 ∗ 100.

    Price relative unlike price index takes into account the price of single commodity. 

  • Question 3
    1 / -0

    Index numbers helps in …………….

    Solution

    Index numbers possess much practical importance in measuring changes in the cost of living, production trends, trade, policy formation, income variations, etc.

  • Question 4
    1 / -0

    Cost of living index is known as …………

    Solution

    Cost of living Index also known as the Consumer price index (CPI), measures the average change in retail prices.

  • Question 5
    1 / -0

    Consumer price index is used for …………………

    Solution

     CPI is used as a measure of inflation. A CPI can be used to index  the real value of wages, salaries, pensions, for regulating prices

  • Question 6
    1 / -0

    WPI means……………..

    Solution

    The Wholesale Price Index (WPI) is the price of a representative basket of wholesale goods.

  • Question 7
    1 / -0

    The industrial development of a country is reflected by ……………

    Solution

    The index number of industrial production measures changes in the level of industrial production comprising many industries.

  • Question 8
    1 / -0

    Most frequently used index number formula are

    Solution

    An index number becomes a weighted index when the relative importance of items is taken care of.

  • Question 9
    1 / -0

    Base year in an index number should be an year in which theses are

    Solution

    The base year for any index number is routinely updated. That year in which there are Minimum cyclical fluctuations.

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