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![Balbharati solutions for Economics [English] 12 Standard HSC chapter 6 - Index Numbers - Shaalaa.com](/images/economics-english-12-standard-hsc_6:241bfd6f9011433b9b44c9de23ef18a7.JPG "Balbharati solutions for Economics [English] 12 Standard HSC chapter 6 - Index Numbers")
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Solutions for Chapter 6: Index Numbers
Below listed, you can find solutions for Chapter 6 of Maharashtra State Board Balbharati for Economics [English] 12 Standard HSC.
Balbharati solutions for Economics [English] 12 Standard HSC 6 Index Numbers EXERCISE [Pages 59 - 60]
Choose the correct option:
Statements that are incorrect in relation to index numbers.
- An index number is a geographical tool.
- Index numbers measure changes in air pressure.
- Index numbers measure relative changes in an economic variable.
- Index numbers are specialized averages.
c and d
a and b
b and c
a and d
Statements that highlight the significance of index numbers.
- Index numbers are useful for making future predictions.
- Index numbers help in the measurement of inflation.
- Index numbers help to frame suitable policies.
- Index numbers can be misused.
b, c and d
a, c and d
a, b and d
a, b and c
Statements that apply to weighted index numbers.
- Every commodity is given equal importance.
- It assigns suitable 'weights' to various commodities.
- In most cases, quantities are used as weights.
- Laaspeyre's and Paasche's method is used in the calculation of weighted index numbers.
b, c and d
a, c and d
a, b and d
a, b, c and d
Statements related to limitations of index numbers.
- Index numbers are not completely reliable.
- There may be a bias in the data collected.
- Every formula has some kind of defect.
- Index numbers ignore changes in the qualities of products.
a, c and d
a, b, c and d
a, b and d
b, c and d
Choose the correct pair:
| Group A | Group B |
| 1) Price Index | a) `(∑"p"_1"q"_1)/(∑"p"_0"q"_0)xx100` |
| 2) Value Index | b) `(∑"q"_1)/(∑"q"_0)xx100` |
| 3) Quantity Index | c) `(∑"p"_1"q"_1)/(∑"p"_0"q"_1)xx100` |
| 4) Paasche's Index | d) `(∑"p"_1)/(∑"p"_0)xx100` |
1 - d, 2 - c, 3 - a, 4 - b
1 - d, 2 - a, 3 - b, 4 - c
1 - b, 2 - c, 3 - d, 4 - a
1 - c, 2 - d, 3 - a, 4 - b
Complete the Correlation:
Price Index : Inflation :: ______ : Agricultural production
______ : Base year prices :: P1 : Current year prices
Laaspeyre's index : _________ :: Paasche's index : Current year quantities
Complete the Correlation:
__________ : Single variable :: Composite index : Group of variables
Solve the following:
Calculate the price index number from the given data:
| Commodity | A | B | C | D |
| Price in 2005 (₹) | 6 | 16 | 24 | 4 |
| Price in 2010 (₹) | 8 | 18 | 28 | 6 |
Solve the following:
Calculate Quantity Index number from the given data:
| Commodity | P | Q | R | S | T |
| Base year quantities | 170 | 150 | 100 | 195 | 205 |
| Current year quantities | 90 | 70 | 75 | 150 | 95 |
Solve the following:
Calculate Value Index number from the given data:
| Commodity | Base year | Current year | ||
| Price | Quantity | Price | Quantity | |
| A | 40 | 15 | 70 | 20 |
| B | 10 | 12 | 60 | 22 |
| C | 50 | 10 | 90 | 18 |
| D | 20 | 14 | 100 | 16 |
| E | 30 | 13 | 40 | 15 |
Calculate Laaspeyre's index from the given data:
| Commodity | Base year | Current year | ||
| Price | Quantity | Price | Quantity | |
| X | 8 | 30 | 12 | 25 |
| Y | 10 | 42 | 20 | 16 |
Solve the following:
Calculate Paasche's index from the given data:
| Commodity | Base year | current year | ||
| Price | Quantity | Price | Quantity | |
| X | 8 | 30 | 12 | 25 |
| Y | 10 | 42 | 20 | 16 |
Distinguish between:
Simple Index Numbers and Weighted Index Numbers.
Distinguish between:
Price Index and Quantity Index.
Distinguish between Laaspeyre's Index and Paasche's Index.
State with reason whether you agree or disagree with the following statement:
Index numbers measure changes in the price level only.
State with reason whether you agree or disagree with the following statement:
Index numbers are free from limitations.
Agree
Disagree
State with reason whether you agree or disagree with the following statement:
Index numbers can be constructed without the base year.
Agree
Disagree
Answer the following:
Explain the features of index numbers.
Explain the significance of index numbers in economics.
Answer in detail:
Explain the steps involved in the construction of index numbers.
Solutions for 6: Index Numbers
Balbharati solutions for Economics [English] 12 Standard HSC chapter 6 - Index Numbers
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Concepts covered in Economics [English] 12 Standard HSC chapter 6 Index Numbers are Index Numbers, Significance of Index Numbers in Economics, Construction of Index Numbers, Limitations of Index Numbers, Methods of Constructing Index Numbers, Types of Index Numbers.
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