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Introduction to Index Number Test - 6

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Introduction to Index Number Test - 6
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  • Question 1
    1 / -0

    A composite price index based on the prices of a group of items is known as the

    Solution

    A composite index number is a number that measures an average relative changes in a group of relative variables with respect to base whereas a simple index number is a number that measures a realive change in a single variable with respect to base.So, composite index number is based on an aggregate of items.

  • Question 2
    1 / -0

    A weighted aggregate price index where the weight for each item is its base period quantity is known as the

    Solution

    Laspeyer assumed that quantities bought in base year and current year are same . So , based on q0 as weight. 

  • Question 3
    1 / -0

    A monthly price index that uses the price changes in consumer goods and services for measuring the changes in consumer prices over time is known as the

    Solution

    Consumer price index (CPI).Since, data here belongs to consumers, we compute CPI. 

  • Question 4
    1 / -0

    A monthly price index that measures the changes in the prices of goods sold in a primary market is known as the

    Solution

    Since ,data here belongs to a group of producers, we compute , PPI. 

  • Question 5
    1 / -0

    A composite price index where the prices of the items in the composite are weighted by their relative importance is known as the

    Solution

    Since, all items in data do not have equal importance to consumers, we give different weightages to different items to reflect their relative importance in the group. If i buy 1 kg of wheat per week and 7 kgs of rice per week. It implies that to me, weightage lies in rice more than wheat  .

  • Question 6
    1 / -0

    A weighted aggregate price index where the weight for each item is its current-period quantity is called the

    Solution

    IIt's as per definition of Paache's index number. 

  • Question 7
    1 / -0

    An index that is designed to measure changes in quantities over time is known as the

    Solution

    Index numbers measure changes in variables with respect to time. Quantity of anything is a variable. So, when current year quantity is compared with base year quantity, we have quantity index number. 

  • Question 8
    1 / -0

    If the wholesale price index for week 1is 200 and for week 2 is 250 then rate of inflation

    Solution

    wholesale price index for week 1 is 200 = A1  and for week 2 is 250 = A2 

     then rate of inflation = A2 − A1/A1 ∗ 100 = 250 − 200/200 ∗ 100 = 25

  • Question 9
    1 / -0

    Calculate index numbers from the following data by simple aggregate method taking prices of 2000 as base.

    Commodity A  B C D
    Price per unit (in Rupees) 2000 80 50 90 30
      2001 95 60 100 45
    Solution

    95+60+100+45/80+50+90*100=12

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