Cost of Living Index is primarily used for: MCQ with Answer and Explanation

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Cost of Living Index is primarily used for:

A. Adjusting dearness allowance

B. Calculating trade balance

C. Calculating GDP

D. Measuring industrial production

Answer: Option A

Solution (By JKSSB Mock Tests)

It is used to adjust salaries and wages to maintain purchasing power.

This question belongs to: Accountancy and Statistics Statistics

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Practice More Statistics Questions

Question #1

If (A)=60, (B)=40, N=100, and attributes are independent, then (AB) should be:

A. 100

B. 20

C. 30

D. 24

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Correct Answer: Option D

Explanation:
Expected (AB) = (A)×(B)/N = 60×40/100 = 24.

This question belongs to: Accountancy and Statistics Statistics

Question #2

Consider the following statements about probability: 1. For any two events, P(A∪B) ≤ P(A) + P(B). 2. If A ⊆ B, then P(A) ≤ P(B). 3. For independent events, P(A|B) = P(A). Which of the above is/are correct?

A. 1 and 2 only

B. 1, 2 and 3

C. 2 and 3 only

D. 1 and 3 only

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Correct Answer: Option B

Explanation:
All are fundamental axioms/theorems of probability.

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Question #3

Given P(A)=0.4, P(B)=0.5, and A and B are mutually exclusive, P(A∪B) is:

A. 0.1

B. 0.2

C. 0.7

D. 0.9

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Correct Answer: Option D

Explanation:
Mutually exclusive ⇒ P(A∪B) = P(A)+P(B) = 0.4+0.5=0.9.

This question belongs to: Accountancy and Statistics Statistics

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