The cost of living index is primarily used for: MCQ with Answer and Explanation

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The cost of living index is primarily used for:

A. Computing GDP

B. Forecasting exports

C. Adjusting salaries and wages

D. Measuring agricultural output

Answer: Option C

Solution (By JKSSB Mock Tests)

It measures changes in the cost of living, used to adjust dearness allowance and wages.

This question belongs to: Accountancy and Statistics Statistics

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Practice More Statistics Questions

Question #1

The Laspeyres quantity index uses:

A. Current period prices as weights

B. Base period quantities as weights

C. Current period quantities as weights

D. Base period prices as weights

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Correct Answer: Option D

Explanation:
Laspeyres quantity index = Σp₀q₁ / Σp₀q₀ × 100.

This question belongs to: Accountancy and Statistics Statistics

Question #2

In a table, the 'caption' refers to:

A. The footnotes

B. The column headings

C. The row headings

D. The title of the table

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Correct Answer: Option B

Explanation:
Caption (or box-head) contains the headings for columns.

This question belongs to: Accountancy and Statistics Statistics

Question #3

Which of the following is a source of secondary data?

A. Personal diary of the investigator

B. Unpublished thesis records

C. Data collected through experiment

D. Direct observation of traffic

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Correct Answer: Option B

Explanation:
An unpublished thesis is a document containing data originally collected by someone else, making it secondary data for another researcher.

This question belongs to: Accountancy and Statistics Statistics

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