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. WPI

B. CPI

C. GDP deflator

D. Sensex

Answer: Option B

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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Practice More Statistics Questions

Question #1

Maternal Mortality Ratio is defined as maternal deaths per:

A. 1000 live births

B. 100,000 live births

C. 100,000 women of reproductive age

D. 1000 women

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Correct Answer: Option B

Explanation:
MMR = (Maternal deaths / Live births) × 100,000.

This question belongs to: Accountancy and Statistics Statistics

Question #2

If (AB)=(A)(B)/N, the attributes are:

A. Positively associated

B. Complete association

C. Independent

D. Negatively associated

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Correct Answer: Option C

Explanation:
That equation is the condition for independence of attributes.

This question belongs to: Accountancy and Statistics Statistics

Question #3

Which of the following is NOT a test of index numbers?

A. Time reversal test

B. Circular test

C. Mean test

D. Factor reversal test

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Correct Answer: Option C

Explanation:
Common tests are time reversal, factor reversal, and circular test. 'Mean test' is not standard.

This question belongs to: Accountancy and Statistics Statistics

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