MCQs Index Numbers Quiz 4

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. Lets us start with the MCQs index numbers, which is the fourth quiz of index numbers.

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.

1. Commodities subject to considerable prices variations can best be measured by a


2. Index numbers computed by considering the relative importance of variables are called


3. In the fix base method, the base period should be


4. If all values are not of equal importance the index number is called


5. The following table shows the index of prices (1995=100) for a certain commodity over the period 1995-2000:

Index Numbers

The percentage increase in the price between 2002 and 2004 is nearest to


6. If the index for 2003 were to be 116 and the RPI 204, express the index for 2003 at constant 1998 prices.Index Numbers


7. Which index number may be weighted


8. If the average wages index for 2003 at constant 1998 prices were to be 96, which of the following comments would be correct?


9. The following table shows the index of prices (1995=100) for a certain commodity over the period 1995-2000:Index Numbers

It has been decided to rebase the index so that 2005=100. The index for 2003 will now be nearest to


10. The weights used in the price index are


11. Chaining process used to make comparison of index number is


12. Price relative = $\frac{?}{p_0}\times$


13. Price relatives computed for chain base method are called


14. If all the items are given equal weights the index number is called


15. In index numbers __________ can be used as average


16. Index for the base period is always taken as


17. The most suitable average for index numbers is


18. Weighted price index numbers include


19. Express the following average weekly wages as index numbers with base 1998.

Index Numbers


20. In the chain base method, the base period is


Index Numbers
  • 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

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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