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Published on: 08/09/2022
QB365 provides a detailed and simple solution for every Possible Case Study Questions in Class 11 Economics Subject - Index Numbers, CBSE. It will help Students to get more practice questions, Students can Practice these question papers in addition to score best marks.
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1.
An index number is a statistical device for measuring relative change in a large number of items. Widely used index numbers in Economics are:
(i) Wholesale Price Index Number (WPI) is used to eliminate the effect of changes in prices on aggregates such as optional Income, capital formation etc. It is widely used to measure the rate of inflation.
(ii) Consumer Price Index (CPI) Number or Cost of Living Index Number is helpful in wage negotiation, formulation of economic policy, price policy, rent control, taxation etc. CPI is used in calculating the purchasing power of money and real wage.
(iii) Index of Industrial Production (lIP) gives us a quantitative figure about the change in production in the industrial sector.
(iv) Sensex is a useful guide for investors in the stock market.
(a) Give a brief account of the three mainly used index numbers in economics.
(b) Which index number is a useful guide for the investors?
1.
(a) In economics, the three widely used index numbers are:
(i) Wholesale Price Index (WPI) Number, which is used to eliminate the effect of changes in prices on aggregates like NI. It is also widely used to measure the rate of inflation.
(ii) Consumer Price Index (CPI) number also known as the Cost of Living Index is helpful in wage negotiations, rent control, formulation of economic policy, price policy etc. CPL is used in calculating the purchasing power of money and real wage.
(iii) Index of Industrial Production (lIP) gives us a quantitative figure about the changes in production in the industrial sector.
(b) 'Sensex' is a useful guide for investors in the stock market.
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