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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is a simple aggregative price index?
💡 Hint: Think of an index that doesn't consider how much you buy.
Question 2
Easy
What does Laspeyres index use for its calculations?
💡 Hint: Which period is being used to calculate change?
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What does a weighted price index take into account?
- Weight of items
- Percentage change
- Total sales
💡 Hint: Which factor helps prioritize items in economic analysis?
Question 2
The Laspeyres price index uses which quantities for calculation?
- True
- False
💡 Hint: Remember which time period is being referred to for weights.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Using the data below, calculate the weighted price index using both Laspeyres and Paasche methods:\nCommodity Data: Base Year: A(2, 20), B(5, 30), C(10, 25)\nCurrent Year: A(4, 25), B(7, 35), C(10, 30)
💡 Hint: Pay attention to be consistent with weights and periods.
Question 2
Discuss how a sudden increase in the price of a staple commodity affects both Laspeyres and Paasche indices differently.
💡 Hint: Consider how consumers adapt to new price levels.
Challenge and get performance evaluation