Tag: social science

Quizzes (684) Questions (1162)

Questions Related to social science

Multiple choice social science index number value and price important index numbers price rise/inflation

Third step of cost-based pricing is to _______.

  1. Design a product

  2. Determine cost of product

  3. Set price based on cost

  4. Convince buyer about products value
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Cost based pricing is the easiest way to calculate what a product should be priced at. This appears in two forms: full cost pricing and direct-cost pricing. So after designing the product, determining the cost of the product, one must set the price of the product as its determined cost.

Multiple choice social science index number value and price important index numbers price rise/inflation

Only element which is the cause of income for company is ______.

  1. Price

  2. Tax

  3. Discount

  4. Value added tax
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The are many reasons behind the income of a company. But before any other reason, the company must design its product or service and set a reasonable price to it. Any certain change to the price can affect the set of customers to that company. So, price is the deriving element towards the cause of income for company.

Multiple choice social science index number value and price important index numbers price rise/inflation

A strategy that ensures price target is to be met is termed as _______.

  1. Target costing

  2. Marginal costing

  3. Demand based costing

  4. Learning curve costing
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Target costing is an approach to determine a product's life-cycle cost which should be sufficient to develop specified functionality and quality, while ensuring its desired profit. It involves setting a target cost by subtracting a desired profit margin from a competitive market price.

Multiple choice social science index number value and price important index numbers price rise/inflation

In India, inflation is measured through __________.

  1. Consumer Price Index

  2. Producer Price Index

  3. Wholesale Price Index

  4. None of the above
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Inflation rates in India are usually quoted as changes in the Wholesale Price Index (WPI), for all commodities.

The Wholesale Price Index (WPI) is the price of a representative basket of wholesale goods.

Multiple choice social science index number value and price important index numbers price rise/inflation

Consumer price index is also known as ____.

  1. cost of living index

  2. cost of consumption index

  3. IIP

  4. none of these
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The Consumer Price Index is widely used as a measure of inflation and is often referred to as the cost of living index because it tracks the price changes of goods and services that households consume.

Multiple choice social science index number value and price important index numbers price rise/inflation

The CPI for industrial workers and agricultural labourers are published by ______.

  1. Labour Bureau, Shimla

  2. CSO

  3. NFRA

  4. NSSO
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

In India, the Labour Bureau, which is part of the Ministry of Labour and Employment, is responsible for compiling and publishing the CPI for industrial workers and agricultural/rural labourers.

Multiple choice social science index number value and price important index numbers price rise/inflation

The average monthly salary of a PSU employee was Rs. 40,000 in 2000 with a consumer price index of 150. In December 2006 the Consumer price index rose to 195 points. The increase in the monthly salary of the employee in order to neutralize the effect of inflation necessary is ______.

  1. Rs. 10,000

  2. Rs. 12,000

  3. Rs. 8000

  4. Rs. 9000
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

To neutralize inflation, the salary must increase proportionally to the CPI. The ratio of the new CPI to the old CPI is 195/150 = 1.3. Multiplying the original salary of 40,000 by 1.3 gives 52,000, which is an increase of 12,000.