Wholesale Price Index (WPI) in India currently uses which base year?
A. 2004-05
B. 2020-21
C. 2011-12
D. 2015-16
Answer: Option C
Solution (By JKSSB Mock Tests)
As of recent revisions, India's WPI uses 2011-12 as the base year (index=100), updated periodically by the Office of Economic Advisor, Ministry of Commerce and Industry.
Explanation:
Fisher's ideal index satisfies the circular test under certain conditions due to its geometric mean formulation, while Laspeyres and Paasche generally fail it due to fixed weight structures.
Consider the statements: 1. CBR is independent of age structure. 2. GFR is more refined than CBR. 3. TFR is a synthetic period measure. Which is/are correct?
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