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

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Consumer Price Index (CPI) measures changes in:

A. Wholesale prices

B. Industrial production

C. Export prices

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

Answer: Option D

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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Question #1

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In a moderately skewed distribution, the empirical relationship is Mode ≈ 3×Median - 2×Mean. If Mean=60 and Median=58, Mode is approximately:

A. 54

B. 52

C. 58

D. 56

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Correct Answer: Option A

Explanation:
Mode ≈ 3×58 - 2×60 = 174 - 120 = 54. This approximation, attributed to Pearson, holds for unimodal distributions with moderate skewness.

This question belongs to: Accountancy and Statistics Statistics

Question #2

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The base year of All India CPI (Combined) is:

A. 2016

B. 2010

C. 2011-12

D. 2012

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Correct Answer: Option D

Explanation:
The current CPI series has base year 2012.

This question belongs to: Accountancy and Statistics Statistics

Question #3

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Which measure of central tendency is most appropriate for finding the typical salary in a company with a few very high earners?

A. Mode

B. Mean

C. Median

D. Harmonic mean

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Correct Answer: Option C

Explanation:
Median is robust to outliers and better represents the typical salary.

This question belongs to: Accountancy and Statistics Statistics

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