Index Numbers and Time Based Data — Practice Quiz
CBSE · Class 12 · Applied Mathematics
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Quick Quiz: Index Numbers and Time Based Data
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If the price of rice was ₹40 per kg in 2020 and ₹50 per kg in 2023, what is the relative price index for 2023 with 2020 as the base year?
Calculate the simple aggregative price index for 2023 with 2020 as base year. Commodities: Rice (₹30 in 2020, ₹36 in 2023), Wheat (₹25 in 2020, ₹30 in 2023), Oil (₹100 in 2020, ₹120 in 2023).
The base period in an index number construction should ideally be:
In a 3-year moving average, if the values for years 2020, 2021, 2022 are 100, 120, 150 respectively, what is the moving average?
Sample Questions
Which of the following are characteristics of Laspeyres' Index? (Select all correct answers)
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Uses base year quantities as weights, Formula: Σp₁Q₀/Σp₀Q₀ × 100, May overestimate cost of living changes
Laspeyres' Index uses base year quantities (Q₀) as fixed weights. The formula is Σp₁Q₀/Σp₀Q₀ × 100. It tends to overestimate price changes because it doesn't account for substitution effects. It does not satisfy the time reversal test.
Calculate Laspeyres' price index for the data: Item A: p₀=₹10, p₁=₹12, q₀=5 units; Item B: p₀=₹20, p₁=₹25, q₀=3 units.
If Fisher's Ideal Index is 115 and Laspeyres' Index is 120, what is Paasche's Index?
Which of the following statements about time series components are correct? (Select all that apply)
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Secular trend shows long-term direction, Seasonal component repeats within a year, Cyclical component has periods longer than a year
Secular trend shows long-term movement. Seasonal patterns repeat annually. Cyclical patterns have periods > 1 year. Irregular components are random and unpredictable. Mathematical techniques can decompose time series into these components.
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- NCERT Official — ncert.nic.in
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- CBSE Official — cbse.gov.in
- National Education Policy 2020 — education.gov.in
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