Index Numbers - Class XI Economics Quiz

Class XI

Economics

Index Numbers

11 questions

HARD

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1. What is the primary purpose of index numbers in economics?

To measure changes in price levels · To calculate GDP · To analyze employment rates · To assess foreign investments

2. Which of the following is NOT a type of index number?

Price Index · Quantity Index · Value Index · Income Index

3. The base year in an index number is used for what purpose?

To compare future data · To determine inflation rates · To calculate GDP · To assess employment levels

4. Which formula is used to calculate the Simple Price Index?

(Current Year Price / Base Year Price) x 100 · (Base Year Price / Current Year Price) x 100 · (Current Year Quantity / Base Year Quantity) x 100 · (Base Year Quantity / Current Year Quantity) x 100

5. What does a Laspeyres index number primarily consider?

Current consumption patterns · Base year consumption patterns · Future consumption trends · Market equilibrium

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