Question 1

True or False: The Laspeyres price index is a form of weighted aggregate price index.

Accepted Answer

A) True 
 B)False

Question 2

TABLE 16-15
Given below are the average prices for three types of energy products for five consecutive years.  
-Referring to Table 16-15,what is the Laspeyres price index for the group of three energy items in year 3 for a family that consumed 15 units of electricity,24 units of natural gas and 200 units of fuel oil in year 1 using year 1 as the base year?

Accepted Answer

The answer of TABLE 16-15
Given below are the average prices...

Question 3

True or False: The Paasche price index is a form of unweighted aggregate price index.

Accepted Answer

A) True 
 B)False

Question 4

TABLE 16-15
Given below are the average prices for three types of energy products for five consecutive years.  
-Referring to Table 16-15,what are the simple price indices for electricity,natural gas and fuel oil,respectively,in year 2 using year 5 as the base year?

Accepted Answer

34.83,101.

Question 5

TABLE 16-16
Given below are the prices of a basket of four food items from 2008 to 2012.  
-Referring to Table 16-16,what are the simple price indices for wheat,corn,soybeans and milk,respectively,in 2010 using 2008 as the base year?

Accepted Answer

61.88,61.9

Question 6

True or False: The more expensive commodities are overly influential in an unweighted aggregate price index.

Accepted Answer

A) True 
 B)False

Question 7

True or False: The Paasche price index reflects more accurately the consumption cost at a point in time because it uses the consumption quantities in the initial year as the base.

Accepted Answer

A) True 
 B)False

Question 8

TABLE 16-16
Given below are the prices of a basket of four food items from 2008 to 2012.  
-Referring to Table 16-16,what are the simple price indices for wheat,corn,soybeans and milk,respectively,in 2009 using 2012 as the base year?

Accepted Answer

158.80,142

Question 9

TABLE 16-16
Given below are the prices of a basket of four food items from 2008 to 2012.  
-Referring to Table 16-16,what are the simple price indices for wheat,corn,soybeans and milk,respectively,in 2010 using 2012 as the base year?

Accepted Answer

121.76,121

Question 10

TABLE 16-15
Given below are the average prices for three types of energy products for five consecutive years.  
-Referring to Table 16-15,what is the Paasche price index for the group of three energy items in 2004 for a family that consumed 13 units of electricity,26 units of natural gas and 235 units of fuel oil in year 3 using year 1 as the base year?

Accepted Answer

The answer of TABLE 16-15
Given below are the average prices...

Question 11

TABLE 16-15
Given below are the average prices for three types of energy products for five consecutive years.  
-Referring to Table 16-15,what is the unweighted aggregate price index for the group of three energy items in year 3 using year 1 as the base year?

Accepted Answer

The answer of TABLE 16-15
Given below are the average prices...

Question 12

TABLE 16-16
Given below are the prices of a basket of four food items from 2008 to 2012.  
-Referring to Table 16-16,what is the Laspeyres price index for the basket of four food items in 2012 that consisted of 50 bushels of wheat,30 bushels of corn,40 bushels of soybeans and 80 hundredweight of milk in 2008 using 2008 as the base year?

Accepted Answer

The answer of TABLE 16-16
Given below are the prices of...

Question 13

TABLE 16-16
Given below are the prices of a basket of four food items from 2008 to 2012.  
-Referring to Table 16-16,what are the simple price indices for wheat,corn,soybeans and milk,respectively,in 2012 using 2008 as the base year?

Accepted Answer

50.82,51.2

Question 14

True or False: For a price index,it is preferable to select the base period in a period of economic stability.

Accepted Answer

A) True 
 B)False

Question 15

True or False: The base period should be recent so that a price index is not severely affected by change in technology,and consumer attitudes and habits.

Accepted Answer

A) True 
 B)False

Question 16

TABLE 16-15
Given below are the average prices for three types of energy products for five consecutive years.  
-Referring to Table 16-15,what is the unweighted aggregate price index for the group of three energy items in year 4 using year 1 as the base year?

Accepted Answer

The answer of TABLE 16-15
Given below are the average prices...

Question 17

TABLE 16-16
Given below are the prices of a basket of four food items from 2008 to 2012.  
-Referring to Table 16-16,what is the unweighted aggregate price index for the basket of four food items in 2012 using 2008 as the base year?

Accepted Answer

The answer of TABLE 16-16
Given below are the prices of...

Question 18

TABLE 16-15
Given below are the average prices for three types of energy products for five consecutive years.  
-Referring to Table 16-15,what is the Paasche price index for the group of three energy items in year 5 for a family that consumed 13 units of electricity,26 units of natural gas and 235 units of fuel oil in year 5 using year 1 as the base year?

Accepted Answer

The answer of TABLE 16-15
Given below are the average prices...

Question 19

TABLE 16-16
Given below are the prices of a basket of four food items from 2008 to 2012.  
-Referring to Table 16-16,what are the simple price indices for wheat,corn,soybeans and milk,respectively,in 2008 using 2012 as the base year?

Accepted Answer

196.76,195

Question 20

TABLE 16-15
Given below are the average prices for three types of energy products for five consecutive years.  
-Referring to Table 16-15,what are the simple price indices for electricity,natural gas and fuel oil,respectively,in year 3 using year 5 as the base year?

Accepted Answer

96.94,101.

Exam 20: Index Numbers

True or False: The Laspeyres price index is a form of weighted aggregate price index.

True or False: The Paasche price index is a form of unweighted aggregate price index.

TABLE 16-15 Given below are the average prices for three types of energy products for five consecutive years. -Referring to Table 16-15,what are the simple price indices for electricity,natural gas and fuel oil,respectively,in year 2 using year 5 as the base year?

TABLE 16-16 Given below are the prices of a basket of four food items from 2008 to 2012. -Referring to Table 16-16,what are the simple price indices for wheat,corn,soybeans and milk,respectively,in 2010 using 2008 as the base year?

True or False: The more expensive commodities are overly influential in an unweighted aggregate price index.

True or False: The Paasche price index reflects more accurately the consumption cost at a point in time because it uses the consumption quantities in the initial year as the base.

TABLE 16-16 Given below are the prices of a basket of four food items from 2008 to 2012. -Referring to Table 16-16,what are the simple price indices for wheat,corn,soybeans and milk,respectively,in 2009 using 2012 as the base year?

TABLE 16-16 Given below are the prices of a basket of four food items from 2008 to 2012. -Referring to Table 16-16,what are the simple price indices for wheat,corn,soybeans and milk,respectively,in 2010 using 2012 as the base year?

TABLE 16-15 Given below are the average prices for three types of energy products for five consecutive years. -Referring to Table 16-15,what is the unweighted aggregate price index for the group of three energy items in year 3 using year 1 as the base year?

TABLE 16-16 Given below are the prices of a basket of four food items from 2008 to 2012. -Referring to Table 16-16,what are the simple price indices for wheat,corn,soybeans and milk,respectively,in 2012 using 2008 as the base year?

True or False: For a price index,it is preferable to select the base period in a period of economic stability.

True or False: The base period should be recent so that a price index is not severely affected by change in technology,and consumer attitudes and habits.

TABLE 16-15 Given below are the average prices for three types of energy products for five consecutive years. -Referring to Table 16-15,what is the unweighted aggregate price index for the group of three energy items in year 4 using year 1 as the base year?

TABLE 16-16 Given below are the prices of a basket of four food items from 2008 to 2012. -Referring to Table 16-16,what is the unweighted aggregate price index for the basket of four food items in 2012 using 2008 as the base year?

TABLE 16-16 Given below are the prices of a basket of four food items from 2008 to 2012. -Referring to Table 16-16,what are the simple price indices for wheat,corn,soybeans and milk,respectively,in 2008 using 2012 as the base year?

TABLE 16-15 Given below are the average prices for three types of energy products for five consecutive years. -Referring to Table 16-15,what are the simple price indices for electricity,natural gas and fuel oil,respectively,in year 3 using year 5 as the base year?

Defining and Collecting Data

Numerical Descriptive Measures

Basic Probability

Discrete Probability Distributions

The Normal Distribution and Other Continuous Distributions

Sampling Distributions

Confidence Interval Estimation

Fundamentals of Hypothesis Testing: One-Sample Tests

Two-Sample Tests

Analysis of Variance

Chi-Square Tests and Nonparametric Tests

Simple Linear Regression

Introduction to Multiple Regression

Multiple Regression Model Building

Time-Series Forecasting

A Roadmap for Analyzing Data

Statistical Applications in Quality Management

Decision Making

Chi-Square Tests for the Variance or Standard Deviation

Mcnemar Test for the Difference Between Two Proportions Related Samples

The Analysis of Means Anom

The Analysis of Proportions Anop

The Randomized Block Design

The Power of a Test

Estimation and Sample Size Determination for Finite Populations

Application of Confidence Interval Estimation in Auditing

Sampling From Finite Populations

The Normal Approximation to the Binomial Distribution

Counting Rules

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