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Index Numbers

ICSE · Class 11 · Economics

Practice quiz for Index Numbers — ICSE Class 11 Economics. MCQs and questions with answers to test your preparation.

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Quick Quiz: Index Numbers

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1

A weighted price index uses Laspeyre's formula. The current year prices and base year quantities are such that Σp1q0 = 468 and Σp0q0 = 340. What is the index number?

2

A Paasche price index has Σp1q1 = 558 and Σp0q1 = 480. Find the index number.

3

For Fisher's Ideal Formula, the Laspeyre's index is 140 and the Paasche's index is 110. What is Fisher's index?

4

A weighted average of price relatives uses ΣRW = 96,000 and ΣW = 640. What is the index number?

65 Questions·
multiple choicemultiple correct

Sample Questions

1multiple choice
3 marks

A consumer price index is constructed by the Aggregate Expenditure Method. If ΣP1Q0 = 3,780 and ΣP0Q0 = 2,800, what is the CPI?

Show answer

135.00

Consumer Price Index by Aggregate Expenditure Method is CIP = ΣP1Q0/ΣP0Q0 × 100. So CIP = 3780/2800 × 100 = 135.00. The CPI is 135.

2multiple choice
3 marks

A family budget method gives ΣRW = 189,000 and ΣW = 1,400. What is the consumer price index?

Show answer

135.00

Consumer Price Index by Family Budget Method is CIP = ΣRW/ΣW. So CIP = 189,000/1,400 = 135.00. The consumer price index is 135.

3multiple choice
3 marks

A worker earns money wages of ₹9,600 and the consumer price index is 240. What is the real income of wages?

Show answer

₹4,000

Real Income of Wages = (Money Income or Wages/Consumer Price Index) × 100. So real income = (9600/240) × 100 = ₹4,000. The real income is ₹4,000.

4multiple choice
3 marks

The previous year's WPI is 160 and the current year's WPI is 200. What is the rate of inflation?

Show answer

25%

Rate of Inflation = [(Current Year WPI - Previous Year WPI)/Previous Year WPI] × 100. So = (200 - 160)/160 × 100 = 25%. The rate of inflation is 25%.

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What are the important topics in Index Numbers for ICSE Class 11 Economics?
Index Numbers covers several key topics that are frequently asked in ICSE Class 11 board exams. Focus on the core concepts listed on this page and practise related questions to build confidence.
How to score full marks in Index Numbers — ICSE Class 11 Economics?
Understand the core concepts first, then work through the 65 practice questions available for this chapter. Revise formulas and definitions regularly, and use flashcards for quick recall before the exam.

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Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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