Practice - WHAT IS AN INDEX NUMBER
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Practice Questions
Test your understanding with targeted questions
Define an index number.
💡 Hint: Think about what it measures over time.
What does the base period indicate in index numbers?
💡 Hint: Recall the starting point of comparison.
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Interactive Quizzes
Quick quizzes to reinforce your learning
What is the primary function of index numbers?
💡 Hint: Consider what index numbers summarize.
True or False: Index numbers are only applicable to prices.
💡 Hint: Reflect on the broader applications of statistics.
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Challenge Problems
Push your limits with advanced challenges
Suppose the CPI in 2020 was 250 and in 2021 it is 300. Calculate the percentage increase in CPI.
💡 Hint: Use the percentage change formula.
A consumer's basket in the base year included items worth Rs. 500. If their current basket costs Rs. 650, what is the index number?
💡 Hint: Think of how index numbers reflect relative costs.
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