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Stats > Index numbers > Flashcards

Index numbers Flashcards

1
Q

Equation for index number?

A

price/base year price x 100

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2
Q

If the index number is below 100, what has happened to the value?

A

decreased

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3
Q

If the index number is above 100, what has happened to the value?

A

increased

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4
Q

What is RPI?

A

rate of change of everyday goods

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5
Q

when is RPI calculated?

A

monthly

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6
Q

what is CPI?

A

measure of inflation

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7
Q

What is GDP?

A

value of goods and services

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8
Q

When is the economy in recession?

A

if the GDP falls in 2 (or more) successive quarters

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9
Q

what do weighted index numbers take into account/

A

proportions

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10
Q

what do the weightings in weighted index numbers reflect?

A

the importance of different items

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11
Q

what is the equation for weighted index numbers?

A

sum of (index number x weight)/sum of weights

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12
Q

what year is the base year for chain base index numbers?

A

the previous year

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13
Q

what is the equation for chain base index numbers?

A

price/last year’s price x 100

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14
Q

2 examples of chain base index numbers

A

CPI and RPI

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15
Q

what do crude rates tell you?

A

how things change in every 1000

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16
Q

what are crude rates usually

A

births, deaths, marriages or unemployment

17
Q

why do crude rates need to be recorded?

A

to make plans for the future

18
Q

what is crude rate?

A

how many times a particular event occurs per 1000 of the population at a given time

19
Q

what is the equation for crude rate?

A

number of events/total population x 1000

20
Q

how can crude rates be misleading?

A

when used for comparing against another area which has a different distribution of ages

21
Q

what does standard population represent?

A

the whole population

22
Q

what is standard population?

A

a hypothetical population of 1000 people used to represent the whole population

23
Q

what does standard population take into account?

A

the number of people with different age/gender/income

24
Q

what is the equation for standard population?

A

number of people in one age group/total population x 1000

25
Q

what does standardised rate allow you to do?

A
  • compare the same age group in different populations by using the standard population
  • allows for more realistic comparisons
26
Q

what is the equation for standardised rate?

A

crude rate/1000 x standard population

27
Q

how do you find the standardised rate for the entire population?

A

add up the standardised rates for each group

Stats (1 decks)

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