If the base year WPI is 100 and the current year WPI is 120, the inflation rate is: MCQ with Answer and Explanation

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If the base year WPI is 100 and the current year WPI is 120, the inflation rate is:

A. 20%

B. 16.67%

C. 120%

D. 80%

Answer: Option A

Solution (By JKSSB Mock Tests)

Inflation rate = (120-100)/100 × 100% = 20%.

This question belongs to: Accountancy and Statistics Statistics

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Practice More Statistics Questions

Question #1

Bayes' theorem combines prior probability and likelihood to give:

A. Conditional probability of the evidence

B. Joint probability

C. Posterior probability

D. Marginal probability

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Correct Answer: Option C

Explanation:
It updates prior beliefs to posterior beliefs after observing evidence.

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Question #2

If P(A)=0.3, P(B)=0.5, and P(A∩B)=0.15, then A and B are:

A. Both mutually exclusive and independent

B. Independent

C. Dependent

D. Mutually exclusive

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Correct Answer: Option B

Explanation:
P(A)P(B) = 0.3×0.5 = 0.15 = P(A∩B), satisfying the condition for independence.

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Question #3

The sum of absolute deviations of values is minimum when measured from the:

A. Mean

B. Median

C. Mode

D. Geometric Mean

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Correct Answer: Option B

Explanation:
A mathematical property of the Median is that the sum of the absolute deviations (ignoring signs) from it is minimized.

This question belongs to: Accountancy and Statistics Statistics

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