If the base year WPI is 100 and the current year WPI is 120, the inflation rate is: MCQ with Answer and Explanation

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If the base year WPI is 100 and the current year WPI is 120, the inflation rate is:

A. 120%

B. 20%

C. 80%

D. 16.67%

Answer: Option B

Solution (By JKExamLibrary)

Inflation rate = (120-100)/100 × 100% = 20%.

This question belongs to: Accountancy and Statistics Statistics

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The data collected from the website of the Ministry of Statistics and Programme Implementation is an example of:

A. Experimental data

B. Raw data

C. Primary data

D. Secondary data

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Correct Answer: Option D

Explanation:
It is data already compiled and published by an official agency.

This question belongs to: Accountancy and Statistics Statistics

Question #2 Report Error

In a standard deck, the probability of drawing a red king is:

A. 1/52

B. 2/13

C. 1/26

D. 1/13

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Correct Answer: Option C

Explanation:
2 red kings (hearts and diamonds) out of 52 = 2/52 = 1/26.

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Question #3 Report Error

Net Reproduction Rate (NRR) of 1.2 implies that:

A. Each generation of women is more than replacing itself

B. Fertility is below replacement

C. Mortality has increased

D. Population will decline

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Correct Answer: Option A

Explanation:
NRR > 1 means that, accounting for female mortality, a cohort of women has more than one daughter surviving to reproductive age on average, indicating potential population growth in the absence of migration.

This question belongs to: Accountancy and Statistics Statistics

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