The Consumer Price Index for Industrial Workers (CPI-IW) is used mainly for: MCQ with Answer and Explanation

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The Consumer Price Index for Industrial Workers (CPI-IW) is used mainly for:

A. Dearness allowance revision

B. Computing tax rates

C. Calculating GDP

D. Measuring agricultural production

Answer: Option A

Solution (By JKExamLibrary)

CPI-IW is used to adjust wages and allowances of industrial workers.

This question belongs to: Accountancy and Statistics Statistics

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Practice More Statistics Questions

Question #1 Report Error

The Wholesale Price Index (WPI) base year 2011-12 includes:

A. Consumer durables only

B. Only food articles

C. Services

D. Goods only, grouped into primary, fuel, and manufactured products

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Correct Answer: Option D

Explanation:
WPI basket comprises goods under three major groups: Primary Articles, Fuel & Power, Manufactured Products.

This question belongs to: Accountancy and Statistics Statistics

Question #2 Report Error

Which formula fails the Factor Reversal Test?

A. Laspeyres' Index

B. Fisher's Ideal Index

C. Both B and C

D. Marshall-Edgeworth Index

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Correct Answer: Option C

Explanation:
Only Fisher's Ideal Index satisfies both the Time Reversal and Factor Reversal Tests; Laspeyres and Marshall-Edgeworth fail the factor test.

This question belongs to: Accountancy and Statistics Statistics

Question #3 Report Error

In a well-designed questionnaire, questions on income should be:

A. Towards the end, as they are sensitive

B. Randomly placed

C. In the middle, with no introduction

D. At the beginning to motivate

View Answer & Solution Discuss

Correct Answer: Option A

Explanation:
Sensitive questions are placed later to build trust and reduce dropout.

This question belongs to: Accountancy and Statistics Statistics

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