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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is the Weighted Index Method?
💡 Hint: Think about why some items are more significant in measurements.
Question 2
Easy
Why are weights important in index numbers?
💡 Hint: Consider what happens if we treat all items equally.
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 is the primary goal of the Weighted Index Method?
- To simplify data
- To assign different weights based on significance
- To eliminate fluctuations
💡 Hint: Think about why some items would weigh more in calculations.
Question 2
True or False: The Weighted Index Method uses the same weights for all items.
- True
- False
💡 Hint: Remember the definition of the weighted method.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A company's market index consists of Gadgets (weight 0.6), Widgets (weight 0.3), and Thingamajigs (weight 0.1). If their price changes are 5%, 10%, and 15% respectively, calculate the new weighted index.
💡 Hint: Multiply each change by its respective weight and then sum them up.
Question 2
Explain why using equal weights could lead to inaccuracies in economic analysis using the Weighted Index Method.
💡 Hint: Consider how consumer priorities might differ.
Challenge and get performance evaluation