Consider the following: 1. CPI-IW is compiled by Labour Bureau. 2. CPI-Rural, Urban, Combined base year is 2012. 3. CPI basket includes both goods and services. Which of the above is/are correct? MCQ with Answer and Explanation

Consider the following: 1. CPI-IW is compiled by Labour Bureau. 2. CPI-Rural, Urban, Combined base year is 2012. 3. CPI basket includes both goods and services. Which of the above is/are correct?
A. 1 and 3 only
B. 1, 2 and 3
C. 2 and 3 only
D. 1 and 2 only
Answer: Option B
Solution (By JKSSB Mock Tests)
All three statements are factually correct.

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Practice More Statistics Questions

Question #1
A frequency distribution with open-end intervals cannot be used to compute:
A. Quartiles
B. Median
C. Arithmetic mean accurately
D. Mode

Correct Answer: Option C


Explanation:
Without exact limits, the arithmetic mean cannot be calculated precisely.

This question belongs to: Accountancy and Statistics Statistics
Question #2
An event that cannot happen is called:
A. Complementary event
B. Certain event
C. Mutually exclusive event
D. Impossible event

Correct Answer: Option D


Explanation:
An impossible event has probability 0.

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Question #3
In a factory, machine A produces 60% of items (defective 2%) and machine B 40% (defective 5%). If an item is defective, the probability it came from B is:
A. 0.8
B. 0.5
C. 0.375
D. 0.625

Correct Answer: Option D


Explanation:
Bayes: P(B|D)= (0.05×0.4)/(0.02×0.6 + 0.05×0.4) = 0.02/0.032 = 0.625.

This question belongs to: Accountancy and Statistics Statistics