Module 3 - Index Numbers

Question 1

Define index numbers?

Answer 1

Measure the changes over time of particular time-series data

Question 2

Define simple index numbers?

Answer 2

They measure changes in only a single data series

Question 3

Define aggregate index numbers?

Answer 3

They measure changes in several variables

Question 4

What are the two weighted aggregate index numbers examples called?

Answer 4

1. Laspeyres price index

2. Paasche price index

Question 5

What does CPI stand for?

Answer 5

Consumer price index

Question 6

What does GDP stand for?

Answer 6

Gross domestic product