If index number for year 2020 (Base 2010) is 150, it means: MCQ with Answer and Explanation

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If index number for year 2020 (Base 2010) is 150, it means:

A. Prices have decreased by 50%

B. Prices have increased by 150%

C. Prices are 1.5 times the 2020 prices

D. Prices have increased by 50%

Answer: Option D

Solution (By JKExamLibrary)

An index of 150 implies current prices are 150% of the base year (which is 100), meaning a net increase of 50%.

This question belongs to: Accountancy and Statistics Statistics

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The geometric mean is suitable for averaging:

A. Temperatures

B. Normal test scores

C. Heights

D. Ratio data like growth rates

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Correct Answer: Option D

Explanation:
GM is appropriate for averaging multiplicative changes over time.

This question belongs to: Accountancy and Statistics Statistics

Question #2 Report Error

The CPI (Rural) and CPI (Urban) are released by:

A. National Statistical Office

B. RBI

C. Finance Ministry

D. Labour Bureau

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Correct Answer: Option A

Explanation:
NSO compiles CPI for rural and urban areas separately.

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Question #3 Report Error

If the Arithmetic Mean is 50 and the number of items is 10, the sum of all items is:

A. 50

B. 100

C. 500

D. 5

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Correct Answer: Option C

Explanation:
Sum = Mean × N = 50 × 10 = 500.

This question belongs to: Accountancy and Statistics Statistics

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