The Fisher index is also known as: MCQ with Answer and Explanation

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The Fisher index is also known as:

A. Cost index

B. Ideal index

C. Chain index

D. Simple index

Answer: Option B

Solution (By JKSSB Mock Tests)

Fisher termed his index 'ideal' because it satisfies time reversal and factor reversal tests.

This question belongs to: Accountancy and Statistics Statistics

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Practice More Statistics Questions

Question #1

A population pyramid with a broad base indicates:

A. Low infant mortality

B. Low birth rate

C. High birth rate

D. High life expectancy

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Correct Answer: Option C

Explanation:
Broad base results from a large number of births.

This question belongs to: Accountancy and Statistics Statistics

Question #2

The mean of a data set is 50 and the median is 52. Using the empirical relation, the approximate mode is:

A. 56

B. 44

C. 48

D. 54

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Correct Answer: Option A

Explanation:
Mode ≈ 3Median - 2Mean = 3×52 - 2×50 = 156 - 100 = 56.

This question belongs to: Accountancy and Statistics Statistics

Question #3

In a factory, machines A, B, and C produce 30%, 45%, and 25% of total output, with defect rates of 2%, 3%, and 4% respectively. If a randomly selected item is defective, the probability it was produced by machine B is approximately:

A. 0.50

B. 0.45

C. 0.43

D. 0.30

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Correct Answer: Option C

Explanation:
Using Bayes' theorem: P(B|Defective) = [P(Defective|B) × P(B)] / [Σ P(Defective|machine) × P(machine)] = (0.03×0.45) / (0.02×0.30 + 0.03×0.45 + 0.04×0.25) = 0.0135 / 0.0315 ≈ 0.4286 ≈ 0.43.

This question belongs to: Accountancy and Statistics Statistics

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