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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

    WPI stands for

    Solution

    The wholesale price index number (WPI).

  • Question 2
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    In index number current year quantity is denoted by ……………

    Solution

    By, convention, q1 refers to current year's quantity  in statistics. Here ,subscript 1,refers to current year and q refers to quantity.

  • Question 3
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    _____ in which current year quantities are used

    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 4
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    ________is the index showing changes in the Indian stock market

    Solution

    Initially compiled in 1986, the Sensex is the oldest stock index in India. Sensex is the index showing changes in the Indian stock market

  • Question 5
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    The Time series analysis helps to

    Solution

    Time series analysis is a statistical technique that deals with time series data, or trend analysis.  Time series data means that data is in a series of particular time periods or intervals.

  • Question 6
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    Consumer price index numbers are prepared for

    Solution

    A consumer price index (CPI) measures changes in the price level of market basket of consumer goods and services purchased by all the households.

  • Question 7
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    ____ 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 8
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    WPI means…………….

    Solution

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

  • Question 9
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    ________reflects on the price change experienced by families of people.

    Solution

    Consumer index number (CPI) or cost of living index numbers are helpful in studying the change in consumer expenditure .Here, family is basically a consumer unit.

  • Question 10
    1 / -0

    The price relative is a price index that is determined by

    Solution

    By definition, we have ,price relative = p1/p0

    It implies that we are comparing current year with base year which we require.Instead if we write price relative = p0/p1, it implies that we are comparing base year with current year wich is quite absurd both logically and practically.TO express the comparison in percents we multiply it by 100.

     

  • Question 11
    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 12
    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 13
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    _________ is known as Ideal index number

    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 14
    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 15
    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 16
    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 17
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    ______ are devices for measuring differences in the magnitude of a group of related variables

    Solution

    An index number is a statistical device for measuring changes in the magnitude of a group of related variables.

  • Question 18
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    From the following which is not a problem in the construction of Index numbers?

    Solution

    Prices are given and considering them donot create bias given weights are used with the given prices.

  • Question 19
    1 / -0

    The main group of industries covered by IIP are

    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 20
    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 21
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    Index numbers may be constructed to reflect percentage changes in ………….

    Solution

    All these are variables whose values are calculable.

  • Question 22
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    Formula for calculating price index is

    Solution

    To calculate the Price Index, take the price of the Market Basket of the year of interest and divide by the price of the Market Basket of the base year, then multiply by 100.

  • Question 23
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    ____ are specialized type of averages

    Solution

    An index number is a specialised type of average. An average is a single figure representing a group of figures. Averages are used to compare two or more series as they represent their central tendencies.

  • Question 24
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    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 25
    1 / -0

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

    Solution

    95 + 60 + 100 + 45/80 + 50 + 90 + 30*100 = 120

     

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