The weights used in the construction of the Wholesale Price Index (WPI) in India are based on: MCQ with Answer and Explanation

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The weights used in the construction of the Wholesale Price Index (WPI) in India are based on:

A. Value of wholesale transactions (production + imports - exports)

B. Number of employees in factories

C. Income tax slabs

D. Retail consumption patterns

Answer: Option A

Solution (By JKSSB Mock Tests)

WPI weights reflect the total value of commodities transacted in the domestic wholesale market.

This question belongs to: Accountancy and Statistics Statistics

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Question #1

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A bag contains 3 red and 2 blue balls. Two balls are drawn at random without replacement. The probability that both are red is:

A. 3/10

B. 9/25

C. 1/2

D. 3/5

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Correct Answer: Option A

Explanation:
P(both red) = (3/5) × (2/4) = 6/20 = 3/10. Without replacement, the probability changes after the first draw, requiring multiplication of conditional probabilities.

This question belongs to: Accountancy and Statistics Statistics

Question #2

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An index number constructed by taking the simple average of price relatives is called:

A. Chain index

B. Simple aggregative index

C. Simple average of relatives index

D. Weighted aggregative index

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Correct Answer: Option C

Explanation:
It is calculated as the arithmetic or geometric mean of individual price relatives.

This question belongs to: Accountancy and Statistics Statistics

Question #3

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For an open-end frequency distribution, a suitable measure of central tendency is:

A. Mode

B. Median

C. Arithmetic mean

D. Geometric mean

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Correct Answer: Option B

Explanation:
The median can be determined even if the extremes are open-ended, as long as the median class is closed.

This question belongs to: Accountancy and Statistics Statistics

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