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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is an index number?
💡 Hint: It measures relative changes.
Question 2
Easy
What does CPI stand for?
💡 Hint: Think about the prices of goods for consumers.
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 type of index accounts for relative importance?
- Simple Index
- Weighted Index
- Average Index
💡 Hint: Think about budgeting and how some items are more important.
Question 2
True or False: Index numbers can only measure price changes.
- True
- False
💡 Hint: Consider the definitions we've discussed.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Given prices of various items in two different years, construct a weighted price index that reflects their importance based on a given expenditure.
💡 Hint: Ensure you sum the weighted prices correctly.
Question 2
Discuss how the choice of base year affects the interpretation of an index number.
💡 Hint: Think about how the economy was performing during different years when considering your base.
Challenge and get performance evaluation