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Test: Index Numbers - 1


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10 Questions MCQ Test Economics Class 11 | Test: Index Numbers - 1

Test: Index Numbers - 1 for Commerce 2023 is part of Economics Class 11 preparation. The Test: Index Numbers - 1 questions and answers have been prepared according to the Commerce exam syllabus.The Test: Index Numbers - 1 MCQs are made for Commerce 2023 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Index Numbers - 1 below.
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Test: Index Numbers - 1 - Question 1

The index number that does not have any reference consumer category is

Detailed Solution for Test: Index Numbers - 1 - Question 1

The wholesale price index number indicates the change in the general price level.

Test: Index Numbers - 1 - Question 2

IIP i.e. industrial index of production includes

Detailed Solution for Test: Index Numbers - 1 - Question 2

IIP measures the changes in the level of industrial production comprising many industries.

Test: Index Numbers - 1 - Question 3

The number of CPI constructed in India is

Detailed Solution for Test: Index Numbers - 1 - Question 3

Consumer price index is also known as cost of living index. In India three types of Index numbers are constructed. They are as follows:

  1. CPI for industrial worker
  2. CPI for agricultural worker
  3. CPI for urban non-manual labourers
Test: Index Numbers - 1 - Question 4

If the CPI (2000 = 100), is 234 in January 2012, the equivalent of a rupee in January, 2012 is

Detailed Solution for Test: Index Numbers - 1 - Question 4

If the CPI (2000 = 100), is 234 in January 2012, the equivalent of a rupee in January, 2012 is 0.427. It means that 1 rupee or 100 paisa is worth of 42 paisa in 2000.

Test: Index Numbers - 1 - Question 5

Which of the following is/are an example/s of weighted price index?
(a) Consumer price index
(b) Wholesale price index
(c) Sensex

Detailed Solution for Test: Index Numbers - 1 - Question 5

The following are examples of weighted price index:
(a) Consumer price index
(b) Wholesale price index
(c) Sensex

Test: Index Numbers - 1 - Question 6

To calculate purchasing power of money and real wages we use

Detailed Solution for Test: Index Numbers - 1 - Question 6

Consumer price index number or cost of living index helps in measuring the changes in the purchasing power of money and real income.

Test: Index Numbers - 1 - Question 7

The value of sensex is with reference to the year

Detailed Solution for Test: Index Numbers - 1 - Question 7

SENSEX is the short form of Bombay Stock Exchange Sensitive Index with 1978-79 base. It consists of 13 stocks which represent 13 sectors of the economy.

Test: Index Numbers - 1 - Question 8

Commodities are broadly classified into three categories namely primary articles, fuel, power, light and lubricants and manufactured products to calculate

Detailed Solution for Test: Index Numbers - 1 - Question 8

Wholesale price index measures the changes in the general price level.

Test: Index Numbers - 1 - Question 9

The price at which the commodity is sold in huge quantity is called

Detailed Solution for Test: Index Numbers - 1 - Question 9

Wholesale price is different to retail price. The index number which measures the general price level in the wholesale price is called Wholesale Price Index (WPI).

Test: Index Numbers - 1 - Question 10

Which of the following is correct with regard to the weighted price index?
(a) Weights are determined by the proportion of expenditure made on them in total expenditure during the base period.
(b) Current period weights are preferred over base year weight.

Detailed Solution for Test: Index Numbers - 1 - Question 10

Base period weights are preferred over current year weight. It is because calculating the weight every year is inconvenient.

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