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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
Define an index number.
💡 Hint: Think about how we measure price changes over time.
Question 2
Easy
What is a relative price?
💡 Hint: Consider the comparison between current and past prices.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What is the formula for calculating the Laspeyre index?
💡 Hint: Consider how weights influence the index.
Question 2
True or False: Paasche’s index uses base period quantities as weights.
- True
- False
💡 Hint: Think about what the term 'Paasche' means in terms of periods.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
You are given the prices of vegetables over two years: 2019 Prices (Potatoes - Rs 20, Tomatoes - Rs 30, Onions - Rs 25) and 2021 Prices (Potatoes - Rs 25, Tomatoes - Rs 35, Onions - Rs 30). Calculate both the Laspeyre and Paasche indices using weighted averages based on the quantities from 2019.
💡 Hint: Break the problem down by calculating each index step-by-step.
Question 2
A company’s base salary for employees is Rs 3000, and the CPI indicates an increase from 200 to 250. Determine how much salary should be adjusted to maintain living standards.
💡 Hint: Apply the CPI to adjust the salary accordingly.
Challenge and get performance evaluation