The primary measure of inflation used by RBI for monetary policy is: MCQ with Answer and Explanation

Question
The primary measure of inflation used by RBI for monetary policy is:
A. Consumer food price index
B. GDP deflator
C. CPI (Combined)
D. Wholesale Price Index
Answer: Option C
Solution (By JKSSB Mock Tests)
RBI adopted the CPI (Combined) as the key measure of inflation for policy targets.
This question belongs to: Accountancy and Statistics Statistics
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Practice More Statistics Questions

Question #1
Which of the following statements about the circular test is correct?
A. It is also known as the time reversal test.
B. The circular test is satisfied if P₀₁ × P₁₂ × P₂₀ = 1.
C. It requires that P₀₁ × P₁₀ = 1.
D. Fisher's ideal index satisfies it.
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Correct Answer: Option B

Explanation:
Circular test checks consistency over multiple periods: the product of indices from 0 to 1, 1 to 2, and 2 back to 0 should equal 1. Time reversal is P₀₁×P₁₀=1.
This question belongs to: Accountancy and Statistics Statistics
Question #2
Age Specific Fertility Rate (ASFR) for age group 20-24 uses denominator:
A. Total births
B. Women aged 20-24
C. Total women
D. Total population
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Correct Answer: Option B

Explanation:
ASFR = (Births to women in age group) / (Number of women in that age group) × 1000.
This question belongs to: Accountancy and Statistics Statistics
Question #3
The geometric mean is preferred for averaging:
A. Heights of students
B. Test scores
C. Percentage growth rates
D. Temperatures
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Correct Answer: Option C

Explanation:
Geometric mean is suitable for averaging ratios and rates of change over time.
This question belongs to: Accountancy and Statistics Statistics
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