Economic Data Flashcards
1
Q
why is economic data collected
A
to verify or refute economic models and also provide a basis for economic decision making
2
Q
what are nominal values
A
- values unadjusted for the effects of inflation
- values at current prices
3
Q
what are real values
A
- values adjusted for inflation
- values at constant prices
4
Q
why are indices used
A
to simplify statistics and express averages
5
Q
what are two ways in which data can be expressed
A
- tables
- graphs
