WPI basket does not include: MCQ with Answer and Explanation

Question
WPI basket does not include:
A. Services
B. Manufactured products
C. Primary articles
D. Fuel and power
Answer: Option A
Solution (By JKSSB Mock Tests)
WPI covers goods only; services are excluded.
This question belongs to: Accountancy and Statistics Statistics
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Practice More Statistics Questions

Question #1
The Paasche index is likely to understate price rise because:
A. It uses geometric mean
B. It uses current year quantities, reflecting substitution
C. It uses base year quantities
D. It is unweighted
Discuss
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Correct Answer: Option B

Explanation:
Substitution away from goods whose prices rose relatively reduces their weight, leading to underestimation.
This question belongs to: Accountancy and Statistics Statistics
Question #2
The mode of a continuous frequency distribution can be estimated using the formula:
A. L + [(f₁ - f₀) / (2f₁ - f₀ - f₂)] × h
B. L + [(f₁ - f₀) / (f₁ - f₂)] × h
C. L + [(f₀ - f₁) / (f₀ + f₁)] × h
D. L + (h / 2)
Discuss
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Correct Answer: Option A

Explanation:
For grouped data, mode = L + [(f₁ - f₀) / (2f₁ - f₀ - f₂)] × h, where L=lower limit of modal class, f₁=frequency of modal class, f₀=previous class frequency, f₂=next class frequency, h=class width.
This question belongs to: Accountancy and Statistics Statistics
Question #3
Cost of Living Index is primarily used for:
A. Measuring industrial production
B. Adjusting dearness allowance
C. Calculating GDP
D. Calculating trade balance
Discuss
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Correct Answer: Option B

Explanation:
It is used to adjust salaries and wages to maintain purchasing power.
This question belongs to: Accountancy and Statistics Statistics
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