Economic Awareness - Sectors of Indian Economy
Which of the following statements about the Wholesale Price Index (WPI) is correct?
Which of the following statements about the Wholesale Price Index (WPI) is correct?
medium Q14 of 15
Step-by-Step Solution
Step 1: Understand WPI composition and purpose
WPI tracks wholesale prices of goods, not services, and uses a fixed base year.Step 2: Evaluate each statement
Only the statement about WPI basket components is correct; others are incorrect.Final Answer:
WPI basket includes primary articles, fuel & power, and manufactured products → Option BQuick Check:
WPI basket components = primary articles, fuel & power, manufactured products ✅
Quick Trick: Remember WPI base year changes are infrequent, not annual.
Common Mistakes:
- Assuming WPI includes services or measures retail inflation.
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