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

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The cost of living index is used for:

A. Calculating national income

B. Adjusting wages to maintain purchasing power

C. Measuring stock performance

D. Measuring industrial output

Answer: Option B

Solution (By JKSSB Mock Tests)

It tracks changes in the cost of a fixed basket, used for wage indexation.

This question belongs to: Accountancy and Statistics Statistics

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Practice More Statistics Questions

Question #1

Given P(A)=0.6, P(B)=0.5, P(A∪B)=0.9, then P(A|B) is:

A. 0.4

B. 0.2

C. 0.8

D. 0.5

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Correct Answer: Option A

Explanation:
P(A∩B) = 0.6+0.5-0.9 = 0.2. P(A|B) = 0.2/0.5 = 0.4.

This question belongs to: Accountancy and Statistics Statistics

Question #2

TFR is considered a better measure of fertility than CBR because it:

A. Eliminates the effect of age structure

B. Is simpler

C. Includes male population

D. Uses total population

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Correct Answer: Option A

Explanation:
TFR is a synthetic measure that is independent of the population's age composition.

This question belongs to: Accountancy and Statistics Statistics

Question #3

A 'schedule' is more suitable than a questionnaire when:

A. The informants are illiterate

B. The area is widespread

C. The budget is very limited

D. The researcher wants anonymity

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Correct Answer: Option A

Explanation:
Enumerators can assist illiterate respondents, ensuring data collection.

This question belongs to: Accountancy and Statistics Statistics

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