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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
    1 / -0

    ____ is a special type of average which provides a measurement of relative changes from time to time or from place to place.

    Solution

    An Index number is a technique of averaging all the changes in the group of series over a period of time. Index numbers is a special type of average which provides a measurement of relative changes from time to time or from place to place.

     

  • Question 2
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    The weights used in Passche’ s formula belong to

    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 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

    The base year of IIP is

    Solution

    IIP is calculated by the Central Statistical Organisation (CSO). CSO takes the base year as 2004-05.

     

  • Question 5
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    Comparison is made between base year and ___________is called index number of prices

    Solution

    According to this ,a year posessing the features laid down in statistics is taken as a base year and Comparison is made between base year and current year.

     

  • Question 6
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    ____ serves as an economic barometer

    Solution

    Index numbers are today one of the most widely used statistical devices. They, are used to feel the pulse of the economy and they have come to be used as indicators of inflationary or deflationary tendencies.

     

  • Question 7
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    From the following which is not a kind of index number

    Solution

    Index number is measured for quantitative data not qualitative data.

     

  • Question 8
    1 / -0

    Index numbers are expressed in

    Solution

    Price index =P1/P0*100. Here , current price level  is computed as a percentage of base year price level . So , the ratio P1/P2 is expressed as a percentage  by multiplying it by 100 .

     

  • Question 9
    1 / -0

    ____ mean importance assigned to different commodities included in the index

    Solution

    The term weight refers to the relative importance of the different items in the construction of index numbers.

     

  • Question 10
    1 / -0

    Commodities which show considerable price fluctuations could be best measured by a…………….

    Solution

    Quantity index numbers measure the changes in the physical volume of production.

     

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