Wholesale Price Index (WPI) is primarily used by policymakers to monitor:
A. Producer and wholesale market inflation
B. Asset price bubbles
C. Wage growth
D. Consumer inflation
Answer: Option A
Solution (By JKSSB Mock Tests)
WPI reflects price changes at the wholesale/producer level, serving as an early indicator of inflationary pressures in the production pipeline before they reach consumers via CPI.
Explanation:
Bayes' theorem provides a formal framework for revising prior probabilities based on observed data, crucial in medical testing (e.g., disease probability given positive test) and Bayesian statistics.
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