Quantitive Skills Flashcards
1
Q
What is a decile?
A
Splitting the sample into ten equal parts
2
Q
What is a quintile?
A
Splitting the sample into five equal parts
3
Q
What is a quartile?
A
Splitting a sample into 4 equal parts
4
Q
Why are figures seasonally adjusted?
A
To attempt to measure and remove the influences of predictable season patterns to reveal how economic variables change
5
Q
How do you calculate index numbers?
A
Current figure/figure in the base time period x100
6
Q
What are real values and why are they used?
A
- adjusted for inflation
- help to give a more accurate picture as they will take into account inflation, which nominal figures do not
7
Q
What is inflation?
A
Change in the average or general price level in the whole economy
8
Q
How do you calculate real values? ( eliminate effects of inflation)
A
Real value = Base year index/Current year index x Nominal value
