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

Question

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. 2 and 3 only

B. 1 and 2 only

C. 1 and 3 only

D. 1, 2 and 3

Answer: Option D

Solution (By JKSSB Mock Tests)

All three statements are factually correct.

This question belongs to: Accountancy and Statistics Statistics

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Question #1

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In the theory of attributes, (AB) denotes the number of objects possessing:

A. Neither A nor B

B. Only attribute B

C. Both attributes A and B

D. Only attribute A

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Correct Answer: Option C

Explanation:
(AB) is the frequency of objects having both A and B.

This question belongs to: Accountancy and Statistics Statistics

Question #2

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Vital statistics are primarily concerned with:

A. Events like births, deaths, marriages

B. Agricultural output

C. Industrial production

D. Economic indicators

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Correct Answer: Option A

Explanation:
Vital statistics deal with vital events such as births, deaths, marriages, and divorces.

This question belongs to: Accountancy and Statistics Statistics

Question #3

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Paasche price index is calculated as:

A. √[Σ(p₁q₀)/Σ(p₀q₀) × Σ(p₁q₁)/Σ(p₀q₁)] × 100

B. Σ(p₁q₀)/Σ(p₀q₀) × 100

C. Σ(p₁q₁)/Σ(p₀q₀) × 100

D. Σ(p₁q₁)/Σ(p₀q₁) × 100

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Correct Answer: Option D

Explanation:
Paasche index = Σ(p₁q₁)/Σ(p₀q₁) × 100, using current period quantities (q₁) as weights, which may understate inflation due to substitution effects but reflects current consumption patterns.

This question belongs to: Accountancy and Statistics Statistics

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