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

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Consumer Price Index measures changes in:

A. Wholesale prices

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

C. Stock prices

D. Industrial production

Answer: Option B

Solution (By JKSSB Mock Tests)

CPI tracks retail prices of goods and services consumed by households.

This question belongs to: Accountancy and Statistics Statistics

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Practice More Statistics Questions

Question #1

Secondary data is characterized by which of the following?

A. It is collected by the investigator for the first time

B. It is always more accurate than primary data

C. It requires more time and resources to collect than primary data

D. It was originally collected by someone else for a different purpose

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Correct Answer: Option D

Explanation:
Secondary data refers to information that was previously gathered by another party for a different objective and is now being reused for a new study.

This question belongs to: Accountancy and Statistics Statistics

Question #2

If P(A) = 0.4, P(B) = 0.5, and A and B are independent events, what is P(A ∪ B)?

A. 0.7

B. 0.1

C. 0.2

D. 0.9

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Correct Answer: Option A

Explanation:
For independent events, P(A ∩ B) = 0.4 × 0.5 = 0.2. Using the addition theorem: P(A ∪ B) = 0.4 + 0.5 - 0.2 = 0.7.

This question belongs to: Accountancy and Statistics Statistics

Question #3

The Harmonic Mean of 2 and 4 is:

A. 3

B. 3.5

C. 2.83

D. 2.67

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Correct Answer: Option D

Explanation:
HM = 2ab / (a+b) = 2(2)(4) / (2+4) = 16/6 = 2.67.

This question belongs to: Accountancy and Statistics Statistics

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