Which measure of central tendency is most appropriate for finding the typical salary in a company with a few very high earners? MCQ with Answer and Explanation

Question

Which measure of central tendency is most appropriate for finding the typical salary in a company with a few very high earners?

A. Harmonic mean

B. Median

C. Mean

D. Mode

Answer: Option B

Solution (By JKSSB Mock Tests)

Median is robust to outliers and better represents the typical salary.

This question belongs to: Accountancy and Statistics Statistics

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Question #1

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If P(A)=0.6, P(B)=0.5, P(A∩B)=0.4, then P(A|B) is:

A. 0.4

B. 0.67

C. 0.8

D. 0.75

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Correct Answer: Option C

Explanation:
P(A|B) = P(A∩B)/P(B) = 0.4/0.5 = 0.8.

This question belongs to: Accountancy and Statistics Statistics

Question #2

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Which of the following is a characteristic of a good index number?

A. It should satisfy the circular test.

B. It should not be based on a basket of items.

C. It should use only current year weights.

D. It should be biased.

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Correct Answer: Option A

Explanation:
Desirable properties include satisfying tests like time reversal, factor reversal, circular.

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Question #3

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Attributes that can only be classified into two mutually exclusive categories (e.g., Male/Female) are termed:

A. Continuous variables

B. Quantitative variables

C. Manifold attributes

D. Dichotomous attributes

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Correct Answer: Option D

Explanation:
Dichotomous classification divides data into exactly two contrasting categories based on the presence or absence of a trait.

This question belongs to: Accountancy and Statistics Statistics

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