5 Questions
Which year was the first index number constructed?
1764
What is the fundamental idea behind index numbers?
To measure the effect of changes in the price
What are some common uses of index numbers?
Measuring changes in price
What is the base time period in index numbers?
One of the time periods involved
What does an index number assign to several individuals statistics?
A single number
Test your knowledge on index numbers, including their uses, problems in construction, and methods of constructing quantity or volume index numbers. Learn about the history of index numbers and their fundamental idea of measuring the effect of price changes. Explore how index numbers are used in various fields and understand the concept of price fluctuations.
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