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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: Think about how we measure changes over time.
Question 2
Easy
Why do we use a base period?
💡 Hint: Consider how we measure progress.
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 an index number of 150 signify?
- A 50% increase
- A 150% increase
- A 150% decrease
💡 Hint: Subtract 100 from 150.
Question 2
True or False: The base period is always the previous year.
- True
- False
💡 Hint: Think of various timeframes that can be chosen as base.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Consider a scenario where the price index of a commodity in 2020 was 100. By 2022, it rose to 150. Calculate the percentage increase and discuss what this indicates about the commodity's market.
💡 Hint: Use the formula: ((new value - old value) / old value) * 100.
Question 2
If the value index number was 90 last year and is now 110, how would you explain the economic implications of this change in terms of consumption patterns?
💡 Hint: Consider the factors that might contribute to the change in consumption.
Challenge and get performance evaluation