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Index Numbers — Practice Quiz

ICSE · Class 11 · Economics

Try a 4-question quiz on Index Numbers for ICSE Class 11 Economics: tap an answer to check it and see why. 65 questions in the full chapter test.

65 questions40 flashcards2 formulas & key relations5 concepts

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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%.

+61 more questions on Index Numbers (ICSE Class 11 Economics)

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Frequently Asked Questions

What are the important topics in Index Numbers for ICSE Class 11 Economics?
Key topics in Index Numbers include Meaning and Characteristics of Index Numbers, Types of Index Numbers, Uses of Index Numbers, Problems in Construction of Index Numbers. Study these first, then practise questions on each for Class 11 exams.
How many practice questions are there for Index Numbers?
There are 65 questions on Index Numbers. Try the 4-question sample quiz on this page first; each answer shows an explanation when you tap it.

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

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