Time reversal test in index numbers implies that if the base and current periods are interchanged, the resulting index should be the ______ of the original. MCQ with Answer and Explanation

Explanation:
MCQs standardise responses, making data compilation, coding, and statistical tabulation much faster and uniform.

Explanation:
Laspeyres uses base period basket, ignoring substitution, so it overstates; Paasche uses current basket, often understating.

Explanation:
Weighted mean assigns different weights to observations based on their relative importance, providing a more accurate central value when some data points carry more significance than others.