If you want to compare the price of wheat over a period, which index will you use?a)Volume Indexb)Aggregate Indexc)Both (1) and (2)d)Price IndexCorrect answer is option 'D'. Can you explain this answer?

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If you want to compare the price of wheat over a period, which index will you use?

a)
Volume Index
b)
Aggregate Index
c)
Both (1) and (2)
d)
Price Index

Correct answer is option 'D'. Can you explain this answer?

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Verified Answer

If you want to compare the price of wheat over a period, which index w...

Price Index:

Price index is an economic variable that is used to measure the price changes for commodities.
It helps in measuring the relative price changes, consisting of a series of numbers so that comparison can be done over a period of time.
It is a valuable economic measure used to check the average differences in prices.
It was necessarily developed to determine the wage changes in order to see the effect on the standard of living.
The index is still widely used to measure the cost differences across different countries.

Additional Information

1. Volume Index:

A volume index is most commonly presented as a weighted average of the proportionate changes in the quantities of a specified set of goods or services between two periods of time; volume indices may also compare the relative levels of activity in different countries.

2. Aggregate Index:

Aggregate index is calculated by adding all elements in the composite for the given period and then dividing this result by the sum of the elements during the base period.

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Most Upvoted Answer

If you want to compare the price of wheat over a period, which index w...

Price Index:

Price index is an economic variable that is used to measure the price changes for commodities.
It helps in measuring the relative price changes, consisting of a series of numbers so that comparison can be done over a period of time.
It is a valuable economic measure used to check the average differences in prices.
It was necessarily developed to determine the wage changes in order to see the effect on the standard of living.
The index is still widely used to measure the cost differences across different countries.

Additional Information

1. Volume Index:

A volume index is most commonly presented as a weighted average of the proportionate changes in the quantities of a specified set of goods or services between two periods of time; volume indices may also compare the relative levels of activity in different countries.

2. Aggregate Index:

Aggregate index is calculated by adding all elements in the composite for the given period and then dividing this result by the sum of the elements during the base period.

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