Consumer Price Index (CPI) is most relevant for: MCQ with Answer and Explanation

Question
Consumer Price Index (CPI) is most relevant for:
A. Assessing changes in the cost of living for households
B. Setting wholesale trade policies
C. Measuring producer cost inflation
D. Calculating export competitiveness
Answer: Option A
Solution (By JKSSB Mock Tests)
CPI measures average price changes paid by consumers for a basket of goods and services, directly indicating inflation's impact on household purchasing power and cost of living.
This question belongs to: Accountancy and Statistics Statistics
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Practice More Statistics Questions

Question #1
Which test of index numbers is based on the idea that an index should be independent of the units of measurement?
A. Factor reversal test
B. Circular test
C. Time reversal test
D. Unit test
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Correct Answer: Option D

Explanation:
Unit test requires that the index number should be independent of the units in which prices or quantities are measured.
This question belongs to: Accountancy and Statistics Statistics
Question #2
Data collected for the first time by an investigator for a specific purpose is called:
A. Primary data
B. Secondary data
C. Compiled data
D. Published data
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Correct Answer: Option A

Explanation:
Primary data is original data collected fresh for a particular research objective.
This question belongs to: Accountancy and Statistics Statistics
Question #3
A car travels 60 km/h for the first half of a distance and 40 km/h for the second half. The average speed (km/h) is:
A. 50
B. 48
C. 45
D. 52
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Correct Answer: Option B

Explanation:
Harmonic mean of speeds: 2 / (1/60 + 1/40) = 2 / (5/120) = 240/5 = 48 km/h.
This question belongs to: Accountancy and Statistics Statistics
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