MCQs Index Numbers Quiz 5

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

The test about Index Numbers for the preparation of FPSC Statistical Officer will help you in online preparation for the post of Lecturer, Statistical Officer, and other statistics-related jobs.

• Construction of Index Numbers 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 include (i) Simple Aggregative Index Numbers, (ii) Simple Average of Relatives Index Numbers
• Weighted Index Numbers which include (i) Weighted Aggregative Index Numbers, (ii) Weighted Average of Relatives Index Numbers
• The Weighted Aggregative Index Numbers include (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

MCQs Index Numbers Quiz with Answers

• 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?

R Language Interview Questions

Online MCQs Test Website