Which of the following is NOT a test of index numbers? MCQ with Answer and Explanation

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Which of the following is NOT a test of index numbers?

A. Mean test

B. Circular test

C. Time reversal test

D. Factor reversal test

Answer: Option A

Solution (By JKExamLibrary)

Common tests are time reversal, factor reversal, and circular test. 'Mean test' is not standard.

This question belongs to: Accountancy and Statistics Statistics

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Practice More Statistics Questions

Question #1 Report Error

For two events, P(A)=0.4, P(B)=0.3, and P(A∩B)=0.12. Which of the following is true?

A. A and B are independent.

B. P(A∪B)=0.52.

C. A and B are mutually exclusive.

D. A and B are complementary.

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Correct Answer: Option A

Explanation:
0.4×0.3=0.12, so independent. Mutually exclusive would need 0. P(A∪B)=0.4+0.3-0.12=0.58.

This question belongs to: Accountancy and Statistics Statistics

Question #2 Report Error

In Bayes' theorem, P(A|B) is called:

A. Posterior probability

B. Marginal

C. Likelihood

D. Prior probability

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Correct Answer: Option A

Explanation:
P(A|B) updates prior using evidence, giving posterior.

This question belongs to: Accountancy and Statistics Statistics

Question #3 Report Error

WPI covers:

A. Goods only (primary, fuel, manufactured)

B. Only agricultural goods

C. All goods and services

D. Services

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Correct Answer: Option A

Explanation:
WPI tracks price movements of goods at the wholesale level, excluding services.

This question belongs to: Accountancy and Statistics Statistics

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