Which of the following is true about WPI and CPI in India? MCQ with Answer and Explanation

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Which of the following is true about WPI and CPI in India?

A. Both cover only goods.

B. CPI covers only goods, WPI covers goods and services.

C. WPI covers only goods, CPI covers goods and services.

D. Both cover goods and services.

Answer: Option C

Solution (By JKSSB Mock Tests)

WPI is limited to goods; CPI includes both goods and services.

This question belongs to: Accountancy and Statistics Statistics

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Question #1

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The empirical relationship between mean, median, and mode for a moderately skewed distribution is:

A. Mean - Mode = 3(Mean - Median)

B. Mode = 2Median - Mean

C. Mean = (Mode + Median)/2

D. Median = (Mean + Mode)/2

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Correct Answer: Option A

Explanation:
The empirical formula is Mean - Mode = 3(Mean - Median) or Mode = 3Median - 2Mean.

This question belongs to: Accountancy and Statistics Statistics

Question #2

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Demography is the study of:

A. Weather patterns

B. Economic systems

C. Human population

D. Animal behavior

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Correct Answer: Option C

Explanation:
Demography deals with human populations — size, composition, and distribution.

This question belongs to: Accountancy and Statistics Statistics

Question #3

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Weighted mean is preferred over simple arithmetic mean when:

A. The sample size is very small

B. All observations are equally important

C. The data is qualitative

D. Observations have different levels of importance or reliability

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Correct Answer: Option D

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.

This question belongs to: Accountancy and Statistics Statistics

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