If index number for year 2020 (Base 2010) is 150, it means: MCQ with Answer and Explanation

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If index number for year 2020 (Base 2010) is 150, it means:

A. Prices have decreased by 50%

B. Prices have increased by 150%

C. Prices have increased by 50%

D. Prices are 1.5 times the 2020 prices

Answer: Option C

Solution (By JKSSB Mock Tests)

An index of 150 implies current prices are 150% of the base year (which is 100), meaning a net increase of 50%.

This question belongs to: Accountancy and Statistics Statistics

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Question #1

Fisher's ideal index for price is given by:

A. Σp₁q₀ / Σp₀q₀

B. Σp₁q₁ / Σp₀q₁

C. (Σp₁q₀/Σp₀q₀ + Σp₁q₁/Σp₀q₁)/2

D. √[(Σp₁q₀/Σp₀q₀) × (Σp₁q₁/Σp₀q₁)]

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Correct Answer: Option D

Explanation:
Fisher's ideal price index is the geometric mean of the Laspeyres price index (Σp₁q₀/Σp₀q₀) and the Paasche price index (Σp₁q₁/Σp₀q₁), ensuring it satisfies key consistency tests.

This question belongs to: Accountancy and Statistics Statistics

Question #2

Compute Fisher's ideal index from: Σp₀q₀=200, Σp₀q₁=250, Σp₁q₀=300, Σp₁q₁=360.

A. 145.5

B. 146.97

C. 147.0

D. 146.0

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Correct Answer: Option B

Explanation:
Laspeyres = 300/200×100=150. Paasche = 360/250×100=144. Fisher = √(150×144) = √21600 ≈ 146.97.

This question belongs to: Accountancy and Statistics Statistics

Question #3

The sample space for rolling a die once contains:

A. 6 outcomes

B. 12 outcomes

C. 36 outcomes

D. 3 outcomes

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Correct Answer: Option A

Explanation:
A standard die has six faces: 1,2,3,4,5,6.

This question belongs to: Accountancy and Statistics Statistics

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