Statistics for Data Analyst

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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The post is about the MCQs Index Numbers Quiz. There are 20 multiple-choice questions covering the basics of index numbers, weighted index numbers, price index numbers, chain base methods, and price relatives. Let us start with the MCQs Index Numbers Quiz.

Please go to Important MCQs Index Numbers Quiz 4 to view the test

Online MCQs Index Numbers Quiz

• Express the following average weekly wages as index numbers with base 1998.
• If the index for 2003 were to be 116 and the RPI 204, express the index for 2003 at constant 1998 prices.
• If the average wages index for 2003 at constant 1998 prices were to be 96, which of the following comments would be correct?
• The following table shows the index of prices (1995=100) for a certain commodity over the period 1995-2000:It has been decided to rebase the index so that 2005=100. The index for 2003 will now be nearest to
• The following table shows the index of prices (1995=100) for a certain commodity over the period 1995-2000: The percentage increase in the price between 2002 and 2004 is nearest to
• Price relative = $\frac{?}{p_0}\times$
• The index for the base period is always taken as
• In the fixed base method, the base period should be
• Commodities subject to considerable price variations can best be measured by a
• In the chain base method, the base period is
• The chaining process used to make a comparison of the index numbers is
• Price relatives computed for the chain base method are called
• In index numbers ———- can be used as the average
• The most suitable average for index numbers is
• If all the items are given equal weights the index number is called
• If all values are not of equal importance the index number is called
• Which index number may be weighted
• Index numbers computed by considering the relative importance of variables are called
• The weights used in the price index are
• Weighted price index numbers include

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The post is about the MCQs Index Number Test. There are 20 multiple-choice questions covering topics related to the construction of index numbers, average and aggregate index numbers, simple index numbers, weighted index numbers, price relative index numbers, and chain base methods. Let us start with the MCQs Index Number Test.

Please go to Important MCQs Index Number Test 3 to view the test

Online MCQs Index Number Test

• How many steps are involved in the construction of the index number of prices:
• The circular test is satisfied for
• Which of the following indexes has a downward bias?
• The consumer price index number is also known as
• To measure changes in total monetary worth, one should compute:
• If an index number calculations over 8 years with a base value of 100 gave an index for 2015 of 120, what would be the percentage relative for 2015?
• Which of the following describes the advantage of using the Laspeyer’s method?
• When computing a weighted average of the relative index, we would be best able to compare indices from various periods if:
• Commodities subject to considerable price variations could best be measured by
• A primary difference between the average of relatives and aggregate methods is that
• A base period can be described as a normal period if:
• The weights used in a quantity index are:
• To measure how much the cost of some variable changes over time, we would use
• When the base year values are used as weights, the weighted average of the relative price index is the same as
• Depression in a business is?
• Which method of construction of consumer price index number is the Laspeyres’ index number?
• The prices used in the construction of consumer price index numbers are:
• The Circular test is satisfied by:
• Which of the following indices satisfies both the time reversal and factor reversal tests?
• Commodities subject to considerable price variation should best be measured by:

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The post is about McQs on Index Numbers Quiz with Answers. There are 20 multiple-choice questions covering index numbers, price index numbers, weighted index numbers, and chain-based methods. Let us start with MCQs on the Index Numbers Quiz.

Please go to Best MCQs on Index Numbers Quiz 2 to view the test

MCQs on Index Numbers Quiz

• All values of equal importance are used in calculating an index, the index is called:
• The Basic types of index numbers are:
• The weights used in a quantity index are:
• A relative obtained by dividing the price in a given year price in the base year and expressed as a percentage is called:
• A relative obtained by dividing the price in a given year by the price in the proceeding year and expressed as a percentage is called:
• In simple price index numbers, the base period is
• In chain base methods the base period is:
• For calculating weighted index numbers, which of the following methods are useful quantities consumed in the base period as weight:
• $P_{on} = \frac{\Sigma p_n q_n}{\Sigma p_0 q_n}\times 100$ is the formula of:
• The time reversal test is satisfied by
• The index number for the base year is
• An index number that can serve many purposes is called
• The index numbers used to measure the changes in the price of commodities is called
• Consumer’s price index numbers are calculated by:
• The variation in two or more variables studied by the index is called:
• In Laspeyre’s Price Index, the quantities use weight related to
• Commodities subject to considerable price variations can best be measured by a
• The weights used in a quantity index are
• Theoretically best average used in the construction of a composite index is
• Which of the following price indices are prepared by the Federal Bureau of Statistics?

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