Index Numbers Flashcards
1
Q
Why are index numbers used?
A
Make ugly numbers more simple.
Make quick and easy comparisons between data.
2
Q
What is the base year?
A
The first year of any information given.
3
Q
What value is given to the base year?
A
100.0
4
Q
How is an index number obtained?
A
raw number/base year raw number x 100
5
Q
How are comparisons made between index numbers?
A
Finding the % change in the index values.
