Index Number MCQs with Answers | Statistics – Page 2

Question 21 Index Number

The consumer price index number, which measures changes in the cost of goods bought by consumers, is also called the?

Correct answer D. Cost of living index number

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Question 22 Index Number

An index number of the average quantity of wheat in Lahore is what type of index?

Correct answer B. Quantity Index Number

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Question 23 Index Number

Fisher’s index number is the geometric mean of which two indices?

Correct answer C. Laspeyres' and Paasche's

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Question 24 Index Number

By how many methods is the average calculated in index numbers?

Correct answer D. Three

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Question 25 Index Number

The objective of an index number also determines its?

Correct answer D. Scope

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Question 26 Index Number

An index number that measures the change in the ____ is called an aggregative index number. Which phrase fills the blank?

Correct answer A. Cost of living

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Question 27 Index Number

An index number is a single figure that shows the ____ changes in a phenomenon. Which word fills the blank?

Correct answer A. Overall

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Question 28 Index Number

The weighting system of an index number is changed with?

Correct answer A. Time

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Question 29 Index Number

Seasonal and cyclical variations are measured with index numbers in which kind of data?

Correct answer B. Time series

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Question 30 Index Number

The Marshall-Edgeworth volume (quantity) index is?

Correct answer D. Σqn(po + pn) / Σqo(po + pn) × 100

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Question 31 Index Number

In which index are base-year quantities used as weights?

Correct answer A. Laspeyres' index

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Question 32 Index Number

Fisher’s ideal index number is obtained by?

Correct answer A. Taking the G.M. of Laspeyres' and Paasche's indices

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Question 33 Index Number

What is an index number used for?

Correct answer D. To measure changes in a variable over time

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Question 34 Index Number

What is a simple aggregate quantity index used to measure?

Correct answer A. Measure the overall change in quantity of a range of products

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Question 35 Index Number

Which index measures the month-to-month change in the cost of a representative basket of goods and services bought by a typical household?

Correct answer A. Retail Price Index

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Question 36 Index Number

Which statement describes the Laspeyres price index?

Correct answer A. Regards the base year quantities as fixed

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Question 37 Index Number

What does the formula (∑pnqn/∑p0qn) × 100 calculate?

Correct answer C. The Paasche price index

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Question 38 Index Number

Which type of index number is used most commonly?

Correct answer B. Price index number

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Question 39 Index Number

By what other names is the consumer price index (CPI) known?

Correct answer C. Both A and B

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Question 40 Index Number

In constructing a CPI, what is the household budget method also known as?

Correct answer A. Weighted average of relatives

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