The index that is most widely used to measure changes in the cost of living is: MCQ with Answer and Explanation
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Question #1
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Standardized Death Rate allows comparison of mortality between Population X and Y by:
Correct Answer: Option B
Explanation:
Standardization removes age structure effects by calculating what each population's death rate would be if it had the same age distribution as a standard population, enabling fair comparison of underlying mortality risks.
Standardization removes age structure effects by calculating what each population's death rate would be if it had the same age distribution as a standard population, enabling fair comparison of underlying mortality risks.
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Accountancy and Statistics
Statistics
Question #2
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Bayes' theorem is primarily used to:
Correct Answer: Option C
Explanation:
Bayes' theorem allows revising prior probabilities of hypotheses in light of new data or evidence, making it fundamental in statistical inference and decision-making under uncertainty.
Bayes' theorem allows revising prior probabilities of hypotheses in light of new data or evidence, making it fundamental in statistical inference and decision-making under uncertainty.
This question belongs to:
Accountancy and Statistics
Statistics
Question #3
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The weights used in the construction of the Wholesale Price Index (WPI) in India are based on:
Correct Answer: Option D
Explanation:
WPI weights reflect the total value of commodities transacted in the domestic wholesale market.
WPI weights reflect the total value of commodities transacted in the domestic wholesale market.
This question belongs to:
Accountancy and Statistics
Statistics
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