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In economic field, very often, the term ?Price Index? is
used. If the Price Index in May 1985 was 355, then what does
it mean?A) The prices on the average were more than three
and a half times as much.B) The prices were 255 per cent
higher than what they were in 1970-71 (the earlier base
year).C) As compared to the earlier base year, May 1985 was
full of various commodities and the supply was 300 times
better than the earlier years.Which of these statements
is/are true ?
(1) Only A
(2) Only B
(3) Only C
(4) Only A & B
(5) None of these
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