Cost of Living Index (CLI) is conceptually synonymous with: MCQ with Answer and Explanation

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Cost of Living Index (CLI) is conceptually synonymous with:

A. Human Development Index

B. Wholesale Price Index

C. Consumer Price Index

D. Index of Industrial Production

Answer: Option C

Solution (By JKSSB Mock Tests)

CLI measures the changes in the cost of maintaining a certain standard of living, identical in purpose to the Consumer Price Index.

This question belongs to: Accountancy and Statistics Statistics

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Practice More Statistics Questions

Question #1

The time reversal test checks whether an index number yields consistent results when:

A. Weights are changed

B. The formula is applied to different data

C. Units are changed

D. The base and current periods are reversed

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Correct Answer: Option D

Explanation:
The product of the forward and backward indices should be 1.

This question belongs to: Accountancy and Statistics Statistics

Question #2

In a factory, machine A produces 60% of items (defective 2%) and machine B 40% (defective 5%). If an item is defective, the probability it came from B is:

A. 0.5

B. 0.8

C. 0.375

D. 0.625

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Correct Answer: Option D

Explanation:
Bayes: P(B|D)= (0.05×0.4)/(0.02×0.6 + 0.05×0.4) = 0.02/0.032 = 0.625.

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Question #3

A good questionnaire should have:

A. Simple and clear language

B. Questions arranged in random order

C. Double negatives for clarity

D. Many open-ended questions to confuse

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Correct Answer: Option A

Explanation:
Clarity and simplicity are fundamental principles.

This question belongs to: Accountancy and Statistics Statistics

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