Cost of Living Index is essentially a type of: MCQ with Answer and Explanation

Question
Cost of Living Index is essentially a type of:
A. Wholesale Price Index
B. Export-Import Price Index
C. Producer Price Index
D. Consumer Price Index tailored to specific population groups
Answer: Option D
Solution (By JKSSB Mock Tests)
Cost of Living Index is a specialized CPI that reflects price changes for a consumption basket relevant to a particular demographic (e.g., industrial workers), used for wage adjustments and welfare analysis.
This question belongs to: Accountancy and Statistics Statistics
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Practice More Statistics Questions

Question #1
Which of the following statements about the schedule method is correct?
A. It is unsuitable for illiterate respondents.
B. It is cheaper than the mailed questionnaire method.
C. It has a lower response rate than mailed questionnaire.
D. The enumerator records the responses, ensuring better quality data.
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Correct Answer: Option D

Explanation:
Schedule method uses trained enumerators; it's costlier but yields better quality and higher response rate, suitable for illiterates.
This question belongs to: Accountancy and Statistics Statistics
Question #2
The data (A)=100, (AB)=120 is:
A. Consistent
B. Inconsistent
C. Complete association
D. Independence
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Correct Answer: Option B

Explanation:
(AB) cannot exceed (A); thus data are inconsistent.
This question belongs to: Accountancy and Statistics Statistics
Question #3
If Q = -1, attributes exhibit:
A. Perfect positive association
B. Independence
C. Perfect negative association
D. No relationship
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Correct Answer: Option C

Explanation:
Q = -1 when ad=0, i.e., complete negative association.
This question belongs to: Accountancy and Statistics Statistics
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