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UPSC 1998: The current price index (base 1960) is nearly 330. This means that
(a)all items cost 3.3 times more than what they did in 1960
(b)the prices of certain selected items have gone up to 3.3 times
(c)weighted mean of prices of certain items has increased 3.3 times
(d)gold price has gone up 3.3 times
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Not attemptedCorrect Answer: (c) weighted mean of prices of certain items has increased 3.3 times
A price index compares the weighted average price of a fixed basket of goods between the base year and the current year. An index of 330 (base = 1960 = 100) means this weighted mean price is now 3.3 times the 1960 level; it does not refer to every single good, nor to gold alone. Therefore option (c) is correct. ([sarthaks.com](https://www.sarthaks.com/64331/current-price-index-1960-nearly-this-means-that-price-items-times-more-than-what-they-1960?utm_source=openai))
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Frequently Asked Questions
What is the correct answer to this UPSC 1998 Indian Economy question?▼
The correct answer is option (c): weighted mean of prices of certain items has increased 3.3 times. Watch the detailed video explanation in our Sherlocking Prelims course on UnlockIAS.
Which year was this Inflation & Price Indices question asked in UPSC Prelims?▼
This question was asked in UPSC CSE Prelims 1998, GS Paper 1, as Question 146. It falls under Indian Economy > Inflation & Price Indices.
What is the difficulty level of this UPSC question?▼
This question is rated "moderate". It requires sound conceptual understanding of the topic.
How many UPSC Prelims questions have been asked from Inflation & Price Indices?▼
UPSC has asked 15 questions from Inflation & Price Indices (under Indian Economy) across multiple years. Visit the topic page to see the full list and year-wise trends.