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. Number of employees in factories

B. Income tax slabs

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

D. Retail consumption patterns

Answer: Option C

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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Practice More Statistics Questions

Question #1

Which of the following statements about the Census of India is correct?

A. It is conducted every 5 years.

B. It uses the de jure method of enumeration.

C. It does not collect literacy data.

D. It covers only the rural population.

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Correct Answer: Option B

Explanation:
Indian census uses the de jure (usual residence) method. It is decennial, covers whole country, collects literacy.

This question belongs to: Accountancy and Statistics Statistics

Question #2

For perfect positive association between attributes A and B, we expect:

A. (αB) = 0

B. (Aβ) = 0

C. (AB) = 0

D. Both (Aβ) and (αB) = 0

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Correct Answer: Option D

Explanation:
Perfect positive association means all A's are B's and all B's are A's, so no A without B and no B without A.

This question belongs to: Accountancy and Statistics Statistics

Question #3

Two events A and B are such that P(A)=0.5, P(B)=0.3, P(A∩B)=0.1. They are:

A. Mutually exclusive

B. Both mutually exclusive and independent

C. Neither mutually exclusive nor independent

D. Independent

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Correct Answer: Option C

Explanation:
P(A∩B)≠0 ⇒ not mutually exclusive. P(A)P(B)=0.15 ≠ 0.1 ⇒ not independent.

This question belongs to: Accountancy and Statistics Statistics

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