Class 11 Exam > Class 11 Notes > MCQ: Index-number - Class 11 Economics
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If the ratio between Laspeyre’s index number Paasche’s Index number is 28 : 27. Then the Missing figure in the following table P is :
a)7b)4c)3d)9Correct answer is option 'B'. Can you explain this answer?
Ref: https://edurev.in/question/562054/If-the-ratio-between-Laspeyres-index-number-Paasches-Index-number-is-28-27-Then-the-Missing-figure-
FAQs on MCQ: Index-number - Class 11 Economics
| 1. What is an index number in economics? |  |
Ans. An index number in economics is a statistical measure used to compare changes in a group of related variables over time. It is used to measure and track changes in the average level of a variable or a set of variables relative to a base period.
| 2. How is an index number calculated? | |
Ans. An index number is calculated by dividing the value of a variable in a given period by the value of the same variable in a base period, and then multiplying the result by 100. This gives the index number as a percentage, which represents the change in the variable over time.
| 3. What is the purpose of using index numbers in economics? | |
Ans. The purpose of using index numbers in economics is to analyze and understand the changes in various economic variables, such as prices, production, employment, etc. It helps in measuring the rate of change, comparing different time periods, and making forecasts or projections.
| 4. What are the limitations of using index numbers in economics? | |
Ans. There are several limitations of using index numbers in economics. Some of the major limitations include the selection of base period, the choice of variables to include, the quality and accuracy of data, the problem of weighting, and the inability to capture qualitative changes. Additionally, index numbers may not accurately reflect the impact of outliers or extreme values.
| 5. Give an example of how index numbers are used in economics. | |
Ans. An example of how index numbers are used in economics is the Consumer Price Index (CPI), which measures changes in the average level of prices of a basket of goods and services consumed by households. The CPI is used to monitor inflation, calculate cost of living adjustments, and make policy decisions related to monetary and fiscal matters.
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