The Consumer Price Index for Industrial Workers (CPI-IW) is published by: MCQ with Answer and Explanation
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Question #1
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The Family Budget Method for calculating the Consumer Price Index is equivalent to:
Correct Answer: Option C
Explanation:
The family budget method (weighted average of price relatives) mathematically reduces to Laspeyres' formula (using base year weights).
The family budget method (weighted average of price relatives) mathematically reduces to Laspeyres' formula (using base year weights).
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Accountancy and Statistics
Statistics
Question #2
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A card is drawn from a standard deck. Probability it is a king or a heart is:
Correct Answer: Option D
Explanation:
P(king ∪ heart) = P(king) + P(heart) - P(king of hearts) = 4/52 + 13/52 - 1/52 = 16/52.
P(king ∪ heart) = P(king) + P(heart) - P(king of hearts) = 4/52 + 13/52 - 1/52 = 16/52.
This question belongs to:
Accountancy and Statistics
Statistics
Question #3
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In a dataset with an even number of observations, the median is calculated as:
Correct Answer: Option A
Explanation:
For an even number of ordered observations, the median is the arithmetic mean of the two central values, ensuring it represents the center of the distribution.
For an even number of ordered observations, the median is the arithmetic mean of the two central values, ensuring it represents the center of the distribution.
This question belongs to:
Accountancy and Statistics
Statistics
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