Consumer Price Index (CPI) measures changes in: MCQ with Answer and Explanation

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Consumer Price Index (CPI) measures changes in:

A. Export prices

B. Retail prices of a fixed basket of goods and services

C. Industrial production

D. Wholesale prices

Answer: Option B

Solution (By JKSSB Mock Tests)

CPI tracks the average change over time in the prices paid by consumers for a market basket of goods and services.

This question belongs to: Accountancy and Statistics Statistics

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Practice More Statistics Questions

Question #1

If P(A)=0.5, P(B)=0.4, and A and B are independent, P(A∩B) is:

A. 0.9

B. 0.1

C. 0.2

D. 0.5

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Correct Answer: Option C

Explanation:
For independent events, P(A∩B) = P(A) × P(B) = 0.5 × 0.4 = 0.2.

This question belongs to: Accountancy and Statistics Statistics

Question #2

Three machines produce 60%, 30%, 10% of items with defect rates 2%, 3%, 4%. If an item is defective, probability it came from the third machine is:

A. 0.16

B. 0.04

C. 0.25

D. 0.10

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Correct Answer: Option A

Explanation:
P(D) = 0.6×0.02 + 0.3×0.03 + 0.1×0.04 = 0.012+0.009+0.004=0.025. P(M3|D) = 0.004/0.025 = 0.16.

This question belongs to: Accountancy and Statistics Statistics

Question #3

If the arithmetic mean of a sample is 20 and median is 22, the distribution is likely:

A. Symmetric

B. Normal

C. Positively skewed

D. Negatively skewed

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Correct Answer: Option D

Explanation:
Mean < Median suggests negative skewness (left-skewed).

This question belongs to: Accountancy and Statistics Statistics

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