4.9.3 - The Uses of Index Numbers Flashcards
1
Q
What is an index number?
A
A number used in an index to enable accurate comparisons to be made.
2
Q
How are changes in real GDP normally expressed?
A
Using index numbers.
3
Q
What is the starting year for an index?
A
Can be any year.
Referred to as the ‘base year’.
4
Q
What index value is the base year given?
A
100.
5
Q
A
