Most Important Questions on Price Indexes in India
1. Inflation in India is calculated based on which of the following indices?
(a) Wholesale Price Index
(b) Index of Industrial Production
(c) Productive Price Index
(d) Market Price Index
Ans. A
2. Which of the following indices is used to measure inflation in India?
(a) Wholesale price index
(b) Consumer Price Index
(c) BSE index
(d) Index of Industrial Production
Ans. B
3. Which amongst the following Price Indices is published by the National Statistical Office (NSO)?
(a) Consumer Price Index for Industrial Worker (CPI-IW)
(b) Consumer Price Index for Agricultural Labourers (CPI-AL)
(c) Consumer Price Index for Rural Labourers (CPI-RL)
(d) Consumer Price Index for Urban Non-Manual Employees (CPI-UNME)
Ans. D
4. Which of the following price indices is/are released by Central Statistical Office (CSO)?
(a) Wholesale Price Index
(b) Consumer Food Price Index
(c) GDP Deflator
(d) Both B and C
Ans. D
5. Consumer Price Indices (CPI) are compiled by Central Statistics Office and Labour Bureau. Which of the following Consumer Price Indices are compiled by Labour Bureau:
1) CPI(Industrial Worker)
2) CPI(Combined)
3) CPI(Rural Labourers)
Select the correct answer using the code given below:
(a) 1 and 2 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) 1, 2 and 3
Ans. C
6. Which of the following is correct about the new CPI (Consumer price Indices)?
(a) The base year for this index is 2004-2005
(b) The CPI (combined) is computed by combining Rural and Urban Index.
(c) The highest weight is accorded to Housing commodity group in CPI combined
(d) Food and Beverages commodity group has less than 25 percentage weightage.
Ans. B
7. Consider the following statements.
1. The WPI (Wholesale Price Index) is published by the Economic Adviser in the Ministry of Commerce and Industry
2. WPI does not include the cost of services.
3. The base year at present is 2004-05.
Find the correct answer using the codes below:
(a) 1 and 2
(b) 2 and 3
(c) 1 & 3
(d) All of the Above
Ans. A
8. Which of the following indices reflect the effect of price changes on the cost of living of different sections of a country?
(a) Consumer Price Index
(b) Wholesale Price Index
(c) Purchasing Power Parity
(d) National Price Index
Ans. A
9. Which one of the following factors is not considered in determining the Minimum Support Price (MSP) in India?
(a) Cost of production
(b) Price trends in international and domestic markets
(c) Cost of living index
(d) Inter-crop price parity
Ans. C
10. Which of the following is not among the four CPI indices used to determine Inflation in India at the consumer level?
(a) CPI-IW (Industrial Worker)
(b) CPI- ME (Manual Employees)
(c) CPI-AL (Agricultural Labourers)
(d) CPI-RL (Rural Labourers)
Ans. B
11. Which of the following indices measures the average change in prices of goods and services at place of production or at production process ?
(a) Consumer price Index
(b) Wholesale Price Index
(c) Index of Industrial production
(d) Producer Price index
Ans. D
12. Which of the following inflation indices are not calculated by the Central Statistical Organisation (CSO)?
(a) Consumer price Index (CPI)
(b) Wholesale Price Index (WPI)
(c) Index of Industrial Production (IIP)
(d) CPI – Urban Non-Manual Employees
Ans. B
13. Who determines the minimum support price in India?
(a) The Commission for Agricultural Costs and Prices
(b) The Agriculture Ministry
(c) The Finance Commission
(d) NABARD
Ans. A
14. Currently, in India, Wholesale Price Index (WPI) is released on ____.
(a) Fortnightly basis
(b) Monthly basis
(c) Yearly basis
(d) Half Yearly basis
Ans. B
15. The following indices/ reports are released by WEF :
(a) Global competitiveness Report
(b) Gender Gap Report
(c) Global Information technology report
(d) All of the above
Ans. D
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