# SCERT Maharashtra Question Bank solutions for 12th Standard HSC Economics Maharashtra State Board 2021 chapter 6 - Index Numbers [Latest edition]

## Chapter 6: Index Numbers

Choose the correct optionComplete the correlationGive economic termsFind the odd wordComplete the following statementsAssertion and Reasoning type questionsIdentify & explain the concepts from the given illustrationsDistinguish BetweenAnswer the followingState with reasons whether you agree or disagree with the following statementsTABLESAnswer in detail
Choose the correct option

### SCERT Maharashtra Question Bank solutions for 12th Standard HSC Economics Maharashtra State Board 2021 Chapter 6 Index Numbers Choose the correct option

#### Choose the correct option

Choose the correct option | Q 1

Features of index numbers:

1. It is useful in framing suitable economic policies.
2. It is useful to present financial data in real terms
3. Index numbers are statistical devices.
4. Index numbers are specialized averages.
• c, d

• a, b

• b, c, d

• a, b, c, d

Choose the correct option | Q 2

Statements related to weighted index number:

1. Suitable weights are assigned to various commodities.
2. It gives relative importance to the commodity in the group.
3. In most cases, quantities are used as weights.
4. Laaspeyre’s Price index and Paasche’s Price Index are methods of constructing weighted index number.
• a, c, d

• a, b, c

• b, c, d

• a, b, c, d

Complete the correlation

### SCERT Maharashtra Question Bank solutions for 12th Standard HSC Economics Maharashtra State Board 2021 Chapter 6 Index Numbers Complete the correlation

#### Complete the correlation

Complete the correlation | Q 1

______ : Base year prices :: P1 : Current year prices

Complete the correlation | Q 2

Laaspeyre's index : _________ :: Paasche's index : Current year quantities

Give economic terms

### SCERT Maharashtra Question Bank solutions for 12th Standard HSC Economics Maharashtra State Board 2021 Chapter 6 Index Numbers Give economic terms

#### Give economic terms

Give economic terms | Q 1

Index numbers that measure changes in the level of output or physical volume of production in the economy −

Give economic terms | Q 2

Device that measures changes in an economic variable or a group of variables over a period of time –

Find the odd word

### SCERT Maharashtra Question Bank solutions for 12th Standard HSC Economics Maharashtra State Board 2021 Chapter 6 Index Numbers Find the odd word

Find the odd word | Q 1

Find the odd word

Types of index numbers -

• Price index

• Quantity index

• Simple index

• Value index

Find the odd word | Q 2

Find the odd word

Steps involved in the construction of index number -

• Selection of commodities

• Selection of base year

• Selection of cost

• Selection of items

• Selection of price quotation

Complete the following statements

### SCERT Maharashtra Question Bank solutions for 12th Standard HSC Economics Maharashtra State Board 2021 Chapter 6 Index Numbers Complete the following statements

#### Complete the following statements

Complete the following statements | Q 1

Index number was originally developed to measure ______.

• changes in quantity level

• changes in price level

• changes in agricultural production

• changes in industrial production

Complete the following statements | Q 2

Index number which is computed from a single variable called is a ______.

• composite index

• double variate index

• univariate index

• multivariate index

Assertion and Reasoning type questions

### SCERT Maharashtra Question Bank solutions for 12th Standard HSC Economics Maharashtra State Board 2021 Chapter 6 Index Numbers Assertion and Reasoning type questions

#### Assertion and Reasoning type questions

Assertion and Reasoning type questions | Q 1

Assertion (A): Index numbers are statistical devices.

Reasoning (R): Index numbers measure only changes in the price level over a period of time.

• (A) is True but (R) is False.

• (A) is False but (R) is True.

• Both (A) and (R) are True and (R) is the correct explanation of (A).

• Both (A) and (R) are True and (R) is not the correct explanation of (A).

Assertion and Reasoning type questions | Q 2

Assertion (A): Generally, arithmetic mean is used in the construction of index numbers.

Reasoning (R): Arithmetic mean is simple to compute compared to other averages.

• (A) is True but (R) is False.

• (A) is False but (R) is True.

• Both (A) and (R) are True and (R) is the correct explanation of (A).

• Both (A) and (R) are True and (R) is not the correct explanation of (A).

Identify & explain the concepts from the given illustrations

### SCERT Maharashtra Question Bank solutions for 12th Standard HSC Economics Maharashtra State Board 2021 Chapter 6 Index Numbers Identify & explain the concepts from the given illustrations

Identify & explain the concepts from the given illustrations | Q 1

Identify & explain the concept from the given illustration.

Bombay Stock Exchange has developed “Sensex” as a stock market index for reflecting the share prices of listed companies.

Identify & explain the concepts from the given illustrations | Q 2

Identify & explain the concept from the given illustration.

Agricultural Research Institute constructed an index number to measure changes in the production of raw cotton in Maharashtra during the period 2015-2020.

Distinguish Between

### SCERT Maharashtra Question Bank solutions for 12th Standard HSC Economics Maharashtra State Board 2021 Chapter 6 Index Numbers Distinguish Between

Distinguish Between | Q 1

Distinguish between

Simple Index Numbers and Weighted Index Numbers.

Distinguish Between | Q 2

Distinguish between

Price Index and Quantity Index.

### SCERT Maharashtra Question Bank solutions for 12th Standard HSC Economics Maharashtra State Board 2021 Chapter 6 Index Numbers Answer the following

Answer the following | Q 1

Explain the types of index numbers

Answer the following | Q 2

Construct Quantity index number from the given data:

 Commodity A B C D E Base year quantities 170 150 100 195 205 Current year quantities 90 70 75 150 95
State with reasons whether you agree or disagree with the following statements

### SCERT Maharashtra Question Bank solutions for 12th Standard HSC Economics Maharashtra State Board 2021 Chapter 6 Index Numbers State with reasons whether you agree or disagree with the following statements

State with reasons whether you agree or disagree with the following statements | Q 1

State with reason whether you agree or disagree with the following statement:

Index numbers measure changes in the price level only.

State with reasons whether you agree or disagree with the following statements | Q 2

State with reason whether you agree or disagree with the following statement:

Any year can be selected as the base year

TABLES

### SCERT Maharashtra Question Bank solutions for 12th Standard HSC Economics Maharashtra State Board 2021 Chapter 6 Index Numbers TABLES

#### 4 MARKS EACH CORRECT ANSWER

TABLES | Q 1

Study the following table, figure, passage and answer the question given below it.

 Commodities Price in 2015 in Rs (base year)P0 Price in 2019 in Rs. (current year) P1 L 20 30 M 6 80 N 100 130 O 40 60 Total ∑P0 = ∑P1 =
1. Complete the above table (1m)
2. Construct Price Index number from the above data (3m)

### SCERT Maharashtra Question Bank solutions for 12th Standard HSC Economics Maharashtra State Board 2021 Chapter 6 Index Numbers Answer in detail

Answer in detail | Q 1

Explain the steps involved in the construction of index numbers.

## Chapter 6: Index Numbers

Choose the correct optionComplete the correlationGive economic termsFind the odd wordComplete the following statementsAssertion and Reasoning type questionsIdentify & explain the concepts from the given illustrationsDistinguish BetweenAnswer the followingState with reasons whether you agree or disagree with the following statementsTABLESAnswer in detail

## SCERT Maharashtra Question Bank solutions for 12th Standard HSC Economics Maharashtra State Board 2021 chapter 6 - Index Numbers

SCERT Maharashtra Question Bank solutions for 12th Standard HSC Economics Maharashtra State Board 2021 chapter 6 (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 Maharashtra State Board 12th Standard HSC Economics Maharashtra State Board 2021 solutions in a manner that help students grasp basic concepts better and faster.

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Concepts covered in 12th Standard HSC Economics Maharashtra State Board 2021 chapter 6 Index Numbers are Index Numbers, Significance of Index Numbers in Economics, Construction of Index Numbers, Limitations of Index Numbers.

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