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With reference to index numbers, which of the following statements is true?
1. Always have same value with different methods of construction
2. It is used for the base of planned economy.
3. International comparison is possible
4. Do not alter with better quality and/or obsolescene

1 Answer

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Correct Answer - Option 2 : It is used for the base of planned economy.



Index number is a number used to measure the level of certain phenomena as compared to the level of the same phenomenon

We also defined as the index number is used to for comaring between the price, quantity etc

We can take an example to understand index number  at a certain place or a period of time and that of another place or period of time

Basically Index number are used for the base of planned economy

∴ Option second is correct answer

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