Advertisement Remove all ads

NCERT solutions for Economics - Statistics for Economics Class 11 chapter 8 - Index Numbers [Latest edition]

Chapters

Economics - Statistics for Economics Class 11 - Shaalaa.com
Advertisement Remove all ads
Advertisement Remove all ads
Advertisement Remove all ads

Chapter 8: Index Numbers

Exercise
Advertisement Remove all ads
Exercise [Pages 118 - 121]

NCERT solutions for Economics - Statistics for Economics Class 11 Chapter 8 Index NumbersExercise [Pages 118 - 121]

Exercise | Q 1. | Page 118

An index number that accounts for the relative importance of the items is known as ______

  • weighted index

  • simple aggregative index

  • simple average of relatives

Exercise | Q 2. | Page 118

In most of the weighted index numbers, the weight pertains to ______

  • base year

  • current year

  • both base and current year

Exercise | Q 3. | Page 118

The impact of change in the price of a commodity with little weight in the index will be ______ 

  • small

  • large

  • uncertain

Exercise | Q 4. | Page 118

A consumer price index measures change in ______

  • retail prices

  • wholesale prices

  • producers prices

Exercise | Q 5. | Page 118

The item having the highest weight in the consumer price index for industrial workers is ______

  • Food

  • Housing

  • Clothing

Exercise | Q 6. | Page 119

In general, inflation is calculated by using ______ 

  • wholesale price index

  • consumer price index

  • producers’ price index

Exercise | Q 7. | Page 119

Why do we need an index number?

Exercise | Q 8. | Page 119

What are the desirable properties of the base period?

Exercise | Q 9. | Page 119

Why is it essential to have different CPI for different categories of consumers?

Exercise | Q 10. | Page 119

What does a consumer price index for industrial workers measure?

Exercise | Q 11. | Page 119

What is the difference between a price index and a quantity index?

Exercise | Q 12. | Page 119

Is the change in any price reflected in a price index number?

Exercise | Q 13. | Page 119

Can the CPI for urban non-manual employees represent the changes in the cost of living of the President of India?

Exercise | Q 14. | Page 119

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 the cost of living for 2005 with 1980 as the base. 

Items

Price in 1980

Price in 2005

Food

100

200

Clothing

20

25

Fuel and Lighting

15

20

House rent

30

40

Misc.

35

65

Exercise | Q 15. | Page 119

Read the following table carefully and give your comments.

INDEX OF INDUSTRIAL PRODUCTION BASE 1993-94

Industry Weight in % 1996-97 2003-2004
General index 100 130.8 189.0
Mining and quarrying 10.73 118.2 146.9
Manufacturing 79.58 133.6 196.6
Electricity 10.69 122.0 172.6
Exercise | Q 16. | Page 119

Try to list the important items of consumption in your family.

Exercise | Q 17. | Page 119

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?

Exercise | Q 18. | Page 119

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?

Exercise | Q 19. | Page 120

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 of during the year 2004 as compared with 1995? 

Exercise | Q 20. | Page 120

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?

Exercise | Q 21. (i) | Page 120

Given the following data-

Year CPI of industrial workers (1982 = 100) CPI of agricultural labourers (1986-87 = 100) WPI (1993-94 = 100)
1995-96 313 234 121.6
1996-97 342 256 127.2
1997-98 366 264 132.8
1998-99 414 293 140.7
1999-00 428 306 145.3
2000-01 444 306 155.7
2001-02 463 309 161.3
2002-03 482 319 166.8
2003-04 500 331 175.9
 
Comment on the relative values of the index numbers.
Exercise | Q 21. (ii) | Page 120

Given the following data-

Year CPI of industrial workers (1982 = 100) CPI of agricultural labourers (1986-87 = 100) WPI (1993-94 = 100)
1995-96 313 234 121.6
1996-97 342 256 127.2
1997-98 366 264 132.8
1998-99 414 293 140.7
1999-00 428 306 145.3
2000-01 444 306 155.7
2001-02 463 309 161.3
2002-03 482 319 166.8
2003-04 500 331 175.9
Are they comparable?
Exercise | Q 22. | Page 121

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:

Item Monthly Expense (Rs) GST Rate %
Cereals 1500 0
Eggs 250 0
Fish, Meat 250 0
Medicines 50 5
Biogas 50 5
Transport 100 5
Butter 50 12
Babool 10 12
Tomato Ketchup 40 12
Biscuits 75 18
Cakes, Pastries 25 18
Branded Garments 100 18
Vacuum Cleaner, Car 1000 28

Calculate the average tax rate as far as this family is concerned.

Chapter 8: Index Numbers

Exercise
Economics - Statistics for Economics Class 11 - Shaalaa.com

NCERT solutions for Economics - Statistics for Economics Class 11 chapter 8 - Index Numbers

NCERT solutions for Economics - Statistics for Economics Class 11 chapter 8 (Index Numbers) include all questions with solution and detail explanation. This will clear students doubts about any question and improve application skills while preparing for board exams. The detailed, step-by-step solutions will help you understand the concepts better and clear your confusions, if any. Shaalaa.com has the CBSE Economics - Statistics for Economics Class 11 solutions in a manner that help students grasp basic concepts better and faster.

Further, we at Shaalaa.com provide such solutions so that students can prepare for written exams. NCERT textbook solutions can be a core help for self-study and acts as a perfect self-help guidance for students.

Concepts covered in Economics - Statistics for Economics Class 11 chapter 8 Index Numbers are Lorenz Curve, Measures of Central Tendency - Mean, Measures of Central Tendency - Median, Measures of Central Tendency - Mode, Measures of Central Tendency - Central Value Or Representative Value, Measures of Central Tendency - Series, Measures of Central Tendency - Partition Value, Measures of Central Tendency - Quartile, Measures of Central Tendency - Deciles, Measures of Central Tendency - Percentile, Measures of Dispersion - Absolute Dispersion, Measures of Dispersion - Relative Dispersion, Lorenz Curve, Correlation Meaning, Properties of Correlation,, Types of Correlation, Scatter Diagram of Correlation, Measures of Correlation - Karl Pearson'S Method (Two Variables Ungrouped Data), Measures of Correlation - Spearman's Rank Correlation, Meaning of Index Numbers, Uses of Index Numbers, Types of Index Number - Wholesale Price Index, Types of Index Number - Consumer Price Index, Types of Index Number - Index of Industrial Production, Construction of Price Index, Cost of Living Index Number, Inflation and Index Numbers, Method to Measure - Simple Aggregate Method, Method to Measure - Simple Average Price Relative Method, Method to Measure - Laspeyer Method, Method to Measure - Paasche's Index Numer, Method to Measure - Fisher's Method.

Using NCERT Class 11 solutions Index Numbers exercise by students are an easy way to prepare for the exams, as they involve solutions arranged chapter-wise also page wise. The questions involved in NCERT Solutions are important questions that can be asked in the final exam. Maximum students of CBSE Class 11 prefer NCERT Textbook Solutions to score more in exam.

Get the free view of chapter 8 Index Numbers Class 11 extra questions for Economics - Statistics for Economics Class 11 and can use Shaalaa.com to keep it handy for your exam preparation

Advertisement Remove all ads
Share
Notifications

View all notifications


      Forgot password?
View in app×