The index that is most widely used to measure changes in the cost of living is: MCQ with Answer and Explanation

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The index that is most widely used to measure changes in the cost of living is:

A. GDP deflator

B. WPI

C. CPI

D. Sensex

Answer: Option C

Solution (By JKSSB Mock Tests)

Consumer Price Index measures retail price changes and reflects cost of living.

This question belongs to: Accountancy and Statistics Statistics

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Question #1

Vital statistics primarily deal with demographic events such as:

A. Employment and inflation

B. Births, deaths, and marriages

C. Export and import

D. Income and expenditure

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Correct Answer: Option B

Explanation:
Vital statistics are data relating to life events, primarily births, deaths, marriages, and divorces in a population.

This question belongs to: Accountancy and Statistics Statistics

Question #2

The complement of the event 'at least one head' in two coin tosses is:

A. No heads (both tails)

B. At least one tail

C. Two heads

D. Exactly one head

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Correct Answer: Option A

Explanation:
Complement of 'at least one head' is 'no heads'.

This question belongs to: Accountancy and Statistics Statistics

Question #3

If a dataset's mean is greater than its median, the skewness is:

A. Cannot be determined

B. Negative

C. Zero

D. Positive

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Correct Answer: Option D

Explanation:
Mean > Median typically indicates positive skewness.

This question belongs to: Accountancy and Statistics Statistics

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