The Consumer Price Index (CPI) is used to measure: MCQ with Answer and Explanation

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The Consumer Price Index (CPI) is used to measure:

A. Industrial production.

B. Inflation at wholesale level.

C. Foreign exchange reserves.

D. Change in cost of living for households.

Answer: Option D

Solution (By JKSSB Mock Tests)

CPI measures retail price changes affecting households' cost of living.

This question belongs to: Accountancy and Statistics Statistics

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Practice More Statistics Questions

Question #1

The process of arranging data in rows and columns is called:

A. Classification

B. Tabulation

C. Compilation

D. Summarization

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Correct Answer: Option B

Explanation:
Tabulation is the systematic arrangement of data in rows and columns for easy comparison and analysis.

This question belongs to: Accountancy and Statistics Statistics

Question #2

For a dataset of 10 numbers, Σx = 500 and Σx² = 26000. The coefficient of variation (%) is:

A. 25

B. 10

C. 20

D. 15

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Correct Answer: Option C

Explanation:
Mean=50. Variance = (26000/10) - 50² = 2600-2500=100. SD=10. CV = (10/50)×100 = 20%.

This question belongs to: Accountancy and Statistics Statistics

Question #3

The curve obtained by joining the midpoints of histogram bars is:

A. Pie chart

B. Ogive

C. Frequency polygon

D. Bar chart

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Correct Answer: Option C

Explanation:
Frequency polygon connects class midpoints with lines.

This question belongs to: Accountancy and Statistics Statistics

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