2.1.3 Uses of index numbers Flashcards
1
Q
Index numbers illustrate?
A
economic variables when data is presented
2
Q
Why are index numbers useful?
A
when making comparisions over periods of time, its the size of chnages in variables that need to be highlighted.
3
Q
Base year?
A
100
4
Q
Index numbrs formula
A
(price in year being comapred/ price level in base year) x 100
