Important MCQs Index Numbers Quiz 5

The post is about the MCQs Index Numbers Quiz. There are 20 multiple-choice questions covering the topics related to simple and weighted index numbers, retail price index numbers, consumer price index numbers, average and aggregate index numbers, and chain base index numbers. Let us start with MCQs Index Numbers Quiz.

MCQs Index Numbers Quiz

• Express the following average weekly wages as index numbers with base 1998 to 1 dp
• Base year weighted index numbers are
• Current year quantities are used as weights in
• Paasche’s price index number is
• The index number given by $\frac{\Sigma p_nq_0}{\Sigma p_0q_0}\times 100$ is
• If $\Sigma p_1q_0=403$, $\Sigma p_0q_0=283$, then index number is
• Fisher’s index number is ————- of Laspeyres and Paasche’s index numbers
• Computing methods of consumer price index are
• Retail price index numbers are also called
• Another name for consumer price index number is
• The aggregate expenditure method and family budget method give
• Which method of construction of CPI number is the Laspeyres index number
• In 2000, the 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.
• 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.
• 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.
• 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. 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.
• Calculate the required index, using the formula $100\times \left(\frac{\Sigma wP_1}{\Sigma wP_0}\right)$ giving your answer to one dp.
• 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.  
• If a price index is 104, which of the following statements is/are correct about average prices?  
• Which of the following statements about the base time is/are correct?

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