Question 1

Data for selected vegetables purchased at wholesale prices for 1995 and 2000 are shown below.  What is the unweighted aggregate price index?
A) 98.4
B) 107.0
C) 117.5
D) 128.8
E) 88.9

Accepted Answer

128.8

Question 2

The Statistics Canada reported that the farm population dropped from 30.5 million in 1940 to 16.5
Million in 1999. What is the index for 1999 based on 1940?
A) 45.9
B) 103.0
C) 54.1
D) 78.7
E) 184.8

Accepted Answer

54.1

Question 3

Listed below are the top-steel producing nations, in millions of tonnes, for the year 2004. Express
The amount produced by China, the European Union, Japan, and Russia as an index, using the
United States as a base. What percent more steel does the European Union produce than the
United States? 
A) 184.6
B) 84.6
C) 15.4
D) 52.6
E) 47.4

Accepted Answer

84.6

Question 4

An index number is a percent that can measure the change from one period of time to another in:
A) Value.
B) Price.
C) Quantity.
D) Volume.
E) Value, price, quantity or volume.

Accepted Answer

Value, price, quantity or volume.

Question 5

The wholesale price of a straight back desk chair in 2012 was $20; in 2013, $23; and in 2014, $18.
What were the indexes for 2012 and 2014 using 2013 = 100?
A) 115.0 and 90.0
B) 1.15 and 0.9
C) 1150.0 and 900.0
D) 87.0 and 111.1
E) 87.0 and 78.3

Accepted Answer

87.0 and 78.3

Question 6

i. An index of 239.2 and an index of 86.4 are actually percents.
ii. The base period for one index might be 1982-84, while the base period for another index might
Be 1977.
iii. Most business and economic indexes are carried either to the nearest whole percent, such as
312 or 96, or to the nearest 10th of a percent, such as 97.5 and 178.6.
A) (i), (ii), and (iii) are all correct statements.
B) (i) and (ii) are correct statements but not (iii).
C) (i) and (iii) are correct statements but not (ii).
D) (ii) and (iii) are correct statements but not (i).
E) (i), (ii), and (iii) are all false statements.

Accepted Answer

(i), (ii), and (iii) are all correct statements.

Question 7

Listed below are the top-steel producing nations, in millions of tonnes, for the year 2004. Express
The amount produced by China, the European Union, Japan, and Russia as an index, using the
United States as a base. What percent more steel does China produce than the United States? 
A) 197
B) 252.6
C) 152.6
D) 52.6
E) 47.4

Accepted Answer

152.6

Question 8

The average weekly earnings (including overtime) in Canada since 2003 are given below.  Using 2003 as the base year, determine the index for 2006.
A) 101.3
B) 1.3
C) 201.3
D) 103.5
E) 106.8

Accepted Answer

106.8

Question 9

i. An index of 239.2 and an index of 86.4 are actually percents.
ii. All indexes have the same base, namely 1982-84, written 1982 - 84 = 100.
iii. The base period for one index might be 1982-84, while the base period for another index might
Be 1977.
A) (i), (ii), and (iii) are all correct statements.
B) (i) and (ii) are correct statements but not (iii).
C) (i) and (iii) are correct statements but not (ii).
D) (ii) and (iii) are correct statements but not (i).
E) (i), (ii), and (iii) are all false statements.

Accepted Answer

(i) and (iii) are correct statements but (ii).

Question 10

i. An index number is a percent that measures the change in price, quantity, value, or some other
Item of interest from one time to another.
ii. The base number for most indexes is 1.
iii. Converting data to indexes makes it easier to compare the trend in a series composed of
Exceptionally large numbers.
A) (i), (ii), and (iii) are all correct statements.
B) (i) and (ii) are correct statements but not (iii).
C) (i) and (iii) are correct statements but not (ii).
D) (ii) and (iii) are correct statements but not (i).
E) (i), (ii), and (iii) are all false statements.

Accepted Answer

(i) and (iii) are correct statements but (ii).

Question 11

The average weekly earnings (including overtime) in Canada since 2003 are given below.  Using 2003 as the base year, determine the index for 2005.
A) 101.3
B) 1.3
C) 201.3
D) 103.5
E) 106.8

Accepted Answer

103.5

Question 12

i. An index number is a percent that measures the change in price, quantity, value, or some other item of interest from one time to another.
ii. An Italian, G.R. Carli, has been credited with originating Fisher's Ideal Index.
iii. Converting data to indexes makes it easier to compare the trend in a series composed of exceptionally large numbers.
A) (i), (ii), and (iii) are all correct statements.
B) (i) and (ii) are correct statements but not (iii).
C) (i) and (iii) are correct statements but not (ii).
D) (ii) and (iii) are correct statements but not (i).
E) (i), (ii), and (iii) are all false statements.

Accepted Answer

(i), (ii), and (iii) are all correct statements.

Question 13

Sean McCarthy earns $20,000 a year; John Nowak, $35,000. What is John's income as an index
Using Sean's income as the base?
A) 157.1
B) 75.0
C) 100.0
D) 57.1
E) 175.0

Accepted Answer

175.0

Question 14

i. An index number is a percent that measures the change in price, quantity, value, or some other
Item of interest from one time to another.
ii. An index of 239.2 and an index of 86.4 are actually percents.
iii. All indexes have the same base, namely 1982-84, written 1982 - 84 = 100.
A) (i), (ii), and (iii) are all correct statements.
B) (i) and (ii) are correct statements but not (iii).
C) (i) and (iii) are correct statements but not (ii).
D) (ii) and (iii) are correct statements but not (i).
E) (i), (ii), and (iii) are all false statements.

Accepted Answer

(i) and (ii) are correct statements but (iii).

Question 15

i. The base number for most indexes is 1.
ii. Most business and economic indexes are carried either to the nearest whole percent, such as 312
Or 96, or to the nearest 10th of a percent, such as 97.5 and 178.6.
iii. Converting data to indexes makes it easier to compare the trend in a series composed of
Exceptionally large numbers.
A) (i), (ii), and (iii) are all correct statements.
B) (i) and (ii) are correct statements but not (iii).
C) (i) and (iii) are correct statements but not (ii).
D) (ii) and (iii) are correct statements but not (i).
E) (i), (ii), and (iii) are all false statements.

Accepted Answer

(ii) and (iii) are correct statements but (i).

Question 16

If the average hourly earnings in mining in 1988 were $7.67 and for the most recent month it was
$14)90, what is the index of hourly earnings for the most recent month based on 1988?
A) 100.0
B) 186.9
C) 51.5
D) 194.3
E) 151.5

Accepted Answer

194.3

Question 17

i. All indexes have the same base, namely 1982-84, written 1982 - 84 = 100.
ii. The base period for one index might be 1982-84, while the base period for another index might
Be 1977.
iii. The base number for most indexes is 1.
A) (i), (ii), and (iii) are all correct statements.
B) (i) and (ii) are correct statements but not (iii).
C) (i) and (iii) are incorrect statements but (ii) is correct.
D) (ii) and (iii) are correct statements but not (i).
E) (i), (ii), and (iii) are all false statements.

Accepted Answer

(i) and (iii) are incorrect statements but (ii) is correct.

Question 18

The average weekly earnings (including overtime) in Canada since 2003 are given below.  Using 2003 as the base year, determine the index for 2004.
A) 101.3
B) 1.3
C) 201.3
D) 103.5
E) 106.8

Accepted Answer

101.3

Question 19

Listed below are the top-steel producing nations, in millions of tonnes, for the year 2004. Express
The amount produced by China, the European Union, Japan, and Russia as an index, using the
United States as a base. What percent more steel does Japan produce than the United States? 
A) 184.6
B) 84.6
C) 15.4
D) 52.6
E) 32.1

Accepted Answer

32.1

Question 20

i. The base period for one index might be 1982-84, while the base period for another index might be
1977.
ii. The base number for most indexes is 1.
iii. Most business and economic indexes are carried either to the nearest whole percent, such as
312 or 96, or to the nearest 10th of a percent, such as 97.5 and 178.6.
A) (i), (ii), and (iii) are all correct statements.
B) (i) and (ii) are correct statements but not (iii).
C) (i) and (iii) are correct statements but not (ii).
D) (ii) and (iii) are correct statements but not (i).
E) (i), (ii), and (iii) are all false statements.

Accepted Answer

(i) and (iii) are correct statements but (ii).

Quiz 15: Chi-Square Applications

Data for selected vegetables purchased at wholesale prices for 1995 and 2000 are shown below. What is the unweighted aggregate price index?

The Statistics Canada reported that the farm population dropped from 30.5 million in 1940 to 16.5 Million in 1999. What is the index for 1999 based on 1940?

Listed below are the top-steel producing nations, in millions of tonnes, for the year 2004. Express The amount produced by China, the European Union, Japan, and Russia as an index, using the United States as a base. What percent more steel does the European Union produce than the United States?

An index number is a percent that can measure the change from one period of time to another in:

The wholesale price of a straight back desk chair in 2012 was $20; in 2013, $23; and in 2014, $18. What were the indexes for 2012 and 2014 using 2013 = 100?

Listed below are the top-steel producing nations, in millions of tonnes, for the year 2004. Express The amount produced by China, the European Union, Japan, and Russia as an index, using the United States as a base. What percent more steel does China produce than the United States?

The average weekly earnings (including overtime) in Canada since 2003 are given below. Using 2003 as the base year, determine the index for 2006.

i. An index of 239.2 and an index of 86.4 are actually percents. ii. All indexes have the same base, namely 1982-84, written 1982 - 84 = 100. iii. The base period for one index might be 1982-84, while the base period for another index might Be 1977.

The average weekly earnings (including overtime) in Canada since 2003 are given below. Using 2003 as the base year, determine the index for 2005.

Sean McCarthy earns $20,000 a year; John Nowak, $35,000. What is John's income as an index Using Sean's income as the base?

i. An index number is a percent that measures the change in price, quantity, value, or some other Item of interest from one time to another. ii. An index of 239.2 and an index of 86.4 are actually percents. iii. All indexes have the same base, namely 1982-84, written 1982 - 84 = 100.

If the average hourly earnings in mining in 1988 were $7.67 and for the most recent month it was $14) 90, what is the index of hourly earnings for the most recent month based on 1988?

i. All indexes have the same base, namely 1982-84, written 1982 - 84 = 100. ii. The base period for one index might be 1982-84, while the base period for another index might Be 1977. iii. The base number for most indexes is 1.

The average weekly earnings (including overtime) in Canada since 2003 are given below. Using 2003 as the base year, determine the index for 2004.

Listed below are the top-steel producing nations, in millions of tonnes, for the year 2004. Express The amount produced by China, the European Union, Japan, and Russia as an index, using the United States as a base. What percent more steel does Japan produce than the United States?