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Index Numbers

Question

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Write down the uses of the Wholesale Price Index Numbers.

Solution

Uses of the Wholesale Price Index Numbers:
1. The time series of wholesale price index numbers can be used to forecast future prices.

2. With the help of wholesale price index number, we can estimate the future demand and supply situations.

3. It is used to measure the rate of inflation

4. It can be used to eliminate the effect of change in price on aggregates such as national income, capital formation etc.

Some More Questions From Index Numbers Chapter

As index number which accounts for the relative importance of the items is knwon as:

In most of the weighted index numbers the weight pertains to:

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

A consumer price index measures changes in:

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

In general, inflation is calculated by using:

The item having the highest weight in consumer’s price index for industrial workers is:

consumer price index measures changes in:

The wholesale price index.

D.A. paid to the workers is based on:

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