7.3.2 - The Aggregative Method
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Practice Questions
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What is the basic purpose of an index number?
💡 Hint: Think about how you compare prices at different times.
Can you name a type of index number?
💡 Hint: Consider indices related to consumer prices.
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Interactive Quizzes
Quick quizzes to reinforce your learning
What does an index number typically measure?
💡 Hint: Think about how we compare prices.
True or False: A weighted index gives equal importance to all items within it.
💡 Hint: Consider how you spend your income.
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Challenge Problems
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If the CPI increases from 300 to 450, by what percentage has the cost of living changed?
💡 Hint: Use the percentage change formula.
Analyze the impact of rising petrol prices on the Laspeyres index, assuming petrol has a 5% weight.
💡 Hint: Consider how this affects consumer expenditure over time.
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