WPI covers: MCQ with Answer and Explanation

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WPI covers:

A. Goods only (primary, fuel, manufactured)

B. All goods and services

C. Only agricultural goods

D. Services

Answer: Option A

Solution (By JKSSB Mock Tests)

WPI tracks price movements of goods at the wholesale level, excluding services.

This question belongs to: Accountancy and Statistics Statistics

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Question #1

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Fisher's ideal index for price is given by:

A. Σp₁q₁ / Σp₀q₁

B. √[(Σp₁q₀/Σp₀q₀) × (Σp₁q₁/Σp₀q₁)]

C. Σp₁q₀ / Σp₀q₀

D. (Σp₁q₀/Σp₀q₀ + Σp₁q₁/Σp₀q₁)/2

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Correct Answer: Option B

Explanation:
Fisher's ideal price index is the geometric mean of the Laspeyres price index (Σp₁q₀/Σp₀q₀) and the Paasche price index (Σp₁q₁/Σp₀q₁), ensuring it satisfies key consistency tests.

This question belongs to: Accountancy and Statistics Statistics

Question #2

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Net Reproduction Rate (NRR) takes into account:

A. Only fertility

B. Only mortality

C. Fertility and mortality

D. Migration

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Correct Answer: Option C

Explanation:
NRR adjusts GRR for the mortality of women during reproductive ages; it indicates replacement level.

This question belongs to: Accountancy and Statistics Statistics

Question #3

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Index numbers are typically expressed in:

A. Percentages

B. Absolute units

C. Logarithms

D. Ratios

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Correct Answer: Option A

Explanation:
Index numbers are relative measures usually multiplied by 100 to be expressed as percentages for easy comparison.

This question belongs to: Accountancy and Statistics Statistics

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