Index Numbers
Class 11 · Economics · 19 Questions
An index number which accounts for the relative importance of the items is known as
In most of the weighted index numbers the weight pertains to
The impact of change in the price of a commodity with little weight in the index will be
The item having the highest weight in consumer price index for industrial workers is
In general, inflation is calculated by using
Why do we need an index number?
What are the desirable properties of the base period?
Why is it essential to have different CPI for different categories of consumers?
What does a consumer price index for industrial workers measure?
What is the difference between a price index and a quantity index?
Is the change in any price reflected in a price index number?
Can the CPI for urban non-manual employees represent the changes in the cost of living of the President of India?
The monthly per capita expenditure incurred by workers for an industrial centre during 1980 and 2005 on the following items are given below. The weights of these items are 75,10, 5, 6 and 4 respectively. Prepare a weighted index number for cost of living for 2005 with 1980 as the base.
Try to list the important items of consumption in your family.
If the salary of a person in the base year is Rs 4,000 per annum and the current year salary is Rs 6,000, by how much should his salary be raised to maintain the same standard of living if the CPI is 400?
The consumer price index for June, 2005 was 125. The food index was 120 and that of other items 135. What is the percentage of the total weight given to food?
An enquiry into the budgets of the middle class families in a certain city gave the following information;
| Expenses on items | Food 35% | Fuel 10% | Clothing 20% | Rent 15% | Misc. 20% |
|---|---|---|---|---|---|
| Price (in Rs) in 2004 | 1500 | 250 | 750 | 300 | 400 |
| Price (in Rs) in 1995 | 1400 | 200 | 500 | 200 | 250 |
What is the cost of living index during the year 2004 as compared with 1995?
Record the daily expenditure, quantities bought and prices paid per unit of the daily purchases of your family for two weeks. How has the price change affected your family?
The monthly expenditure (Rs.) of a family on some important items and the Goods and Services Tax (GST) rates applicable to these items is as follows: Calculate the average tax rate as far as this family is concerned.