Applied Maths - Index Numbers (price, quantity)

Grade 12 Maths — Applied Maths - Index Numbers (price, quantity): 25 practice questions with instant scoring and explanations.

1. Index number is a measure to:
2. Simple price index = (Price in current year / Price in base year) × 100. If base price is Rs. 50 and current is Rs. 60:
3. An index of 120 means:
4. Weighted price index accounts for:
5. Laspeyre's index uses weights from:
6. Paasche's index uses weights from:
7. Fisher's ideal index is the:
8. Items and base year quantities: A (1 unit, Rs. 10), B (2 units, Rs. 20). Current prices: A (Rs. 12), B (Rs. 22). Laspeyre's index ≈ :
9. Calculation: Weighted sum of base = (10×1) + (20×2) = Rs. 50. Weighted sum of current prices at base quantities = (12×1) + (22×2) = Rs. 56. Index = (56/50)×100 = :
10. Quantity index measures:
11. Cost of Living Index (COLI) tracks:
12. Weight for different items in COLI reflects:
13. Chain indices link:
14. Wholesale Price Index (WPI) measures:
15. Consumer Price Index (CPI) measures:
16. Producer Price Index (PPI) measures:
17. Inflation measured by CPI rising from 100 to 110 means:
18. Real wages = (Nominal wages / CPI) × 100 (base index). If nominal wages rise 20% but CPI rises 25%, real wages:
19. Rebasing of index (changing base year) is done:
20. Base year for major indices is typically set to:
21. Index number applications include:
22. Seasonal indices account for:
23. Question?
24. Question?
25. Question?