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Introduction to Index Number Test - 8

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Introduction to Index Number Test - 8
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Weekly Quiz Competition
  • Question 1
    1 / -0
    Consumer price index numbers are obtained by:
    Solution
    CPI figures for most countries are usually calculated by using a Laspeyre's Index or Lowe Index.

    The CPI calculated via a Paasche index, helps give an idea of what today basket would have cost at yesterday prices.
    Answer. (A)
  • Question 2
    1 / -0
    Most commonly used index number is:
    Solution
    Price Index Number is a normalized average (typically a weighted average) of price relatives for a given class of goods or services in a given region, during a given interval of time. It is the most commonly used index number.
  • Question 3
    1 / -0
    Index numbers can be used for:
    Solution
    Index number can be used for Forecasting.
    This index number is a useful number that helps us quantify changes in our field. It is easier to see one value than a thousand different values for each item in our field.
  • Question 4
    1 / -0
    _______ requires that the product of price index and the corresponding quantity index number should be equal to the value index number.
  • Question 5
    1 / -0
    _______ is the short form of Bombay Stock Exchange Sensitive.
  • Question 6
    1 / -0
    An index number that can serve many purposes is called:
    Solution
    An index number that can serve many purposes is called general purpose index.
  • Question 7
    1 / -0
    Price relatives are a percentage ratio of current year price and:
    Solution
    $$\Rightarrow$$  Price relatives are a percentage ratio of current year price and $$Base\, year\, price$$.
    $$\Rightarrow$$  Thus, $$Price\, relative=\dfrac{P_1}{P_0}\times 100,$$ where $$P_0$$ is the price in the base year and $$P_1$$ of corresponding commodity in present year (for which index is to be calculated)
  • Question 8
    1 / -0
    In constructing index number geometric mean relatives are: 
    Solution
    In constructing index number geometric means relatives are Reversible.
  • Question 9
    1 / -0
    _____ indicates the changes in monetary value
    Solution
    Price Index indicates the changes in monetary value.
  • Question 10
    1 / -0
    Index number is an ______ barometer.
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