Which average is most appropriate for averaging ratios and rates when the denominators are variable? MCQ with Answer and Explanation
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Question #1
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Three dice are rolled. The probability of getting a sum of 5 is:
Correct Answer: Option B
Explanation:
Combinations: (1,1,3) and (1,2,2) each with 3 permutations, total 6 favorable. 6/216 = 1/36.
Combinations: (1,1,3) and (1,2,2) each with 3 permutations, total 6 favorable. 6/216 = 1/36.
This question belongs to:
Accountancy and Statistics
Statistics
Question #2
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If P(A)=0.5, P(B)=0.3, and A, B are mutually exclusive, then P(A∪B) is:
Correct Answer: Option C
Explanation:
0.5+0.3=0.8.
0.5+0.3=0.8.
This question belongs to:
Accountancy and Statistics
Statistics
Question #3
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Laspeyres price index uses which quantity weights?
Correct Answer: Option A
Explanation:
Laspeyres index = Σ(p₁q₀)/Σ(p₀q₀) × 100, using base period quantities (q₀) as weights, which may overstate inflation if consumers substitute away from goods with rising prices.
Laspeyres index = Σ(p₁q₀)/Σ(p₀q₀) × 100, using base period quantities (q₀) as weights, which may overstate inflation if consumers substitute away from goods with rising prices.
This question belongs to:
Accountancy and Statistics
Statistics
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