Economic Problems and Statistical Techniques Quiz
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Questions and Answers

In the given assertion (A) and reason (R), which option correctly describes their relationship?

  • Both A and R are true and R is the correct explanation of A.
  • A is false but R is true.
  • A is true but R is false.
  • Both A and R are true but R is not the correct explanation of A. (correct)

    • What does the 'base year' represent in the given context?

  • Relative price
  • Price index
  • None of these
  • Price relative (correct)

    • What is the range of the simple correlation coefficient?

  • Minus infinity to infinity
  • 0 to infinity
  • 0 to plus one
  • Minus one to plus one (correct)

    • If the prices of all commodities have increased 1.25 times in comparison to the base period, what is the index number of prices for that place now?

    <p>150</p> Signup and view all the answers

    If the index number of prices at a place in 1994 is 250 with 1984 as the base year, then what is the average increase in prices?

    <p>150</p> Signup and view all the answers

    Which limitation of statistics is highlighted in the given example about cloth and paper businesses' profits?

    <p>Misleading averages</p> Signup and view all the answers

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