Base shifting of an index number series is done to: MCQ with Answer and Explanation

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Base shifting of an index number series is done to:

A. Change the base year to a more recent one

B. Convert chain base to fixed base

C. Adjust for quality changes

D. Calculate Fisher index

Answer: Option A

Solution (By JKSSB Mock Tests)

Base shifting allows comparison of index series by changing the reference period to a more relevant year.

This question belongs to: Accountancy and Statistics Statistics

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Practice More Statistics Questions

Question #1

Which measure of central tendency is defined only when all observations are positive?

A. Median

B. Geometric mean (for meaningful result) and Harmonic mean (for positive numbers, but GM is undefined for negatives/zero)

C. Arithmetic mean

D. Mode

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Correct Answer: Option B

Explanation:
Geometric mean requires all positive values; otherwise it's undefined or zero. Harmonic mean also requires non-zero values, but GM is more restricted. Actually, GM is defined only for positive data if we want real numbers. So C.

This question belongs to: Accountancy and Statistics Statistics

Question #2

From a standard deck of 52 cards, one card is drawn. What is the probability that it is either a King or a Heart?

A. 17/52

B. 1/4

C. 16/52

D. 4/13

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Correct Answer: Option C

Explanation:
P(K or Heart) = P(K) + P(Heart) - P(King of Hearts) = 4/52 + 13/52 - 1/52 = 16/52.

This question belongs to: Accountancy and Statistics Statistics

Question #3

The multiplication theorem for independent events states P(A ∩ B) = P(A) × P(B). For dependent events, it becomes:

A. P(A) + P(B)

B. Both B and C are correct

C. P(A|B) × P(B)

D. P(B|A) × P(A)

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Correct Answer: Option B

Explanation:
For any events, P(A∩B) = P(A|B)P(B) = P(B|A)P(A); independence is the special case where P(A|B)=P(A), reducing to P(A)P(B).

This question belongs to: Accountancy and Statistics Statistics

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