The Wholesale Price Index (WPI) excludes: MCQ with Answer and Explanation

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The Wholesale Price Index (WPI) excludes:

A. Manufactured products

B. Fuel and power

C. Primary articles

D. Services

Answer: Option D

Solution (By JKSSB Mock Tests)

WPI covers only goods; it does not include services, unlike CPI.

This question belongs to: Accountancy and Statistics Statistics

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Question #1

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The Paasche price index tends to ______ the true increase in prices if consumers substitute away from goods that have become more expensive.

A. Not measure

B. Exactly measure

C. Overstate

D. Understate

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Correct Answer: Option D

Explanation:
Paasche uses current period quantities; substitution away from expensive items reduces their weight, leading to understatement.

This question belongs to: Accountancy and Statistics Statistics

Question #2

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Bayes' theorem is often used in:

A. Testing independence

B. Calculating the mean of a sample

C. Constructing index numbers

D. Updating probabilities after new evidence

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Correct Answer: Option D

Explanation:
It's used for probabilistic inference and decision making under uncertainty.

This question belongs to: Accountancy and Statistics Statistics

Question #3

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The literacy rate in India as per 2011 Census was:

A. 74.04%

B. 85%

C. 90%

D. 65%

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Correct Answer: Option A

Explanation:
Overall literacy rate was 74.04%.

This question belongs to: Accountancy and Statistics Statistics

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