MCQs Index Numbers Quiz 5

Multiple Choice Questions from Introductory Statistics for the preparation of exams and different tests. This page includes the Index Numbers Quiz for the preparation of different statistics and job-related examinations. Lets us start with the MCQ index numbers, which is the fifth quiz of index numbers.

Multiple Choice Questions from Introductory Statistics for the preparation of exams and different tests. This page includes the MCQs Quiz Index Numbers for the preparation of different statistics and job-related examinations.

1. If the price index ($100\times \left(\frac{\Sigma wP_1}{\Sigma wP_0}\right)$) calculated was 104, estimate the budget for the next quarter, giving your answer to the nearest $\$000$. You are assisting with the work on a maintenance department’s budget for the next quarter of 2000. The maintenance department’s budget for the current quarter (just ending) is $\$200,000$. Its use of materials, and their respective prices, are shown below.

Index Numbers quiz 1

 

 
 
 
 

2. If a price index is 104, which of the following statements is/are correct about average prices?

 

 
 
 
 

3. The index number given by $\frac{\Sigma p_nq_0}{\Sigma p_0q_0}\times 100$ is

 
 
 
 

4. Base year weighted index numbers are

 
 
 
 

5. Another name of consumer price index number is

 
 
 
 

6. Complete the following table which shows two index number series being spliced together to give a single series based on 1997. Give your answers correct to one dp.

Index Numbers Quiz

 
 
 
 

7. Computing methods of consumer’s price index are

 
 
 
 

8. Which of the following statements about the base time is/are correct?

 
 
 
 
 

9. Fisher index number is _______ of Laspeyres and Paasche’s index numbers

 
 
 
 

10. If $\Sigma p_1q_0=403$, $\Sigma p_0q_0=283$, then index number is

 
 
 
 

11. Complete the following table in which a chain-based index is being converted to one with a fixed base 1997. Give your answers correct to one decimal place.

Index Numbers Quiz

 
 
 
 

12. Retail price index numbers are also called

 
 
 
 

13. Paasche’s price index number is

 
 
 
 

14. The aggregate expenditure method and family budget method give

 
 
 
 

15. Which method of construction of CPI number is the Laspeyres index number

 
 
 
 

16. Express the following average weekly wages as index numbers with base 1998 to 1 dp

 
 
 
 

17. In 2000, a retail price index was 178 with 1990 = 100. Convert a weekly wage of $400 back to 1990 constant prices, giving your answer correct to the nearest penny.

 
 
 
 

18. Current year quantities are used as weights in

 
 
 
 

19. You are assisting with the work on a maintenance department’s budget for the next quarter of 2000. The maintenance department’s budget for the current quarter (just ending) is $200,000. Its use of materials, and their respective prices, are shown below.

Index Numbers quiz

You require an all-item price index for materials for the next quarter, using the current quarter as a base and the current quantities as weights. Complete the table by filling in the appropriate numerical value in the spaces indicated by the letters.

Index Numbers quiz

20. Calculate the required index, using the formula $100\times \left(\frac{\Sigma wP_1}{\Sigma wP_0}\right)$ giving your answer to one dp.

Index Numbers quiz 1

 
 
 
 

Multiple Choice Questions about Index Number. The test about Index Numbers for the preparation of FPSC Statistical Officer will help you in online preparation for the post of Lecturers, Statistical Officers, and other statistics-related jobs.

  • Construction of Index Numbers which follows steps (i) Object of Index Number, (ii) Choice of items, (iii) Choice of Base Period, (iv) Collection of Prices of Items, (v) Choice of Average, (vi) Selection of Proper Weights
  • Fixed Base Method
  • Chain Base Method
  • Composite Index Numbers
  • Un-Weighted Index Numbers which includes (i) Simple Aggregative Index Numbers, (ii) Simple Average of Relatives Index Numbers
  • Weighted Index Numbers which includes (i) Weighted Aggregative Index Numbers, (ii) Weighted Average of Relatives Index Numbers
  • The Weighted Aggregative Index Numbers includes (i) Laspeyre’s Index Number, (ii) Paasche’s Index Number, (iii) Fisher Idea Index Number, Value Index Number,
  • Consumer Price Index Numbers. The important steps in the construction of CPI numbers include (i) Choosing the class of people, (ii) Selection of commodities, (iii) Budget Inquiry, (iv) Collection of Prices, (v) Calculation of CPI Numbers
Index Numbers

Muhammad Imdad Ullah

Currently working as Assistant Professor of Statistics in Ghazi University, Dera Ghazi Khan. Completed my Ph.D. in Statistics from the Department of Statistics, Bahauddin Zakariya University, Multan, Pakistan. l like Applied Statistics, Mathematics, and Statistical Computing. Statistical and Mathematical software used is SAS, STATA, GRETL, EVIEWS, R, SPSS, VBA in MS-Excel. Like to use type-setting LaTeX for composing Articles, thesis, etc.

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