Which of the following statements is correct regarding WPI and CPI? MCQ with Answer and Explanation

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Which of the following statements is correct regarding WPI and CPI?

A. WPI includes services.

B. WPI measures retail prices.

C. CPI is used to measure cost of living.

D. Both WPI and CPI have the same base year.

Answer: Option C

Solution (By JKSSB Mock Tests)

CPI measures retail prices and cost of living. WPI measures wholesale prices and excludes services.

This question belongs to: Accountancy and Statistics Statistics

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Practice More Statistics Questions

Question #1

Data collected for the first time by an investigator for a specific purpose is called:

A. Secondary data

B. Primary data

C. Compiled data

D. Published data

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Correct Answer: Option B

Explanation:
Primary data is original data collected fresh for a particular research objective.

This question belongs to: Accountancy and Statistics Statistics

Question #2

If a constant 5 is subtracted from all observations, the arithmetic mean:

A. Remains same

B. Decreases by 5

C. Increases by 5

D. Becomes 5 times

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Correct Answer: Option B

Explanation:
Mean is affected by change of origin; subtracting 5 reduces mean by 5.

This question belongs to: Accountancy and Statistics Statistics

Question #3

Standardized death rate is used to:

A. Calculate birth rate

B. Measure infant mortality

C. Compare mortality between populations with different age structures

D. Estimate migration

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Correct Answer: Option C

Explanation:
Standardization removes the effect of age composition, enabling fair comparisons.

This question belongs to: Accountancy and Statistics Statistics

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