Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
Which year was the first index number constructed?
Which year was the first index number constructed?
- 1500
- 1764 (correct)
- 1765
- 1750
What is the fundamental idea behind index numbers?
What is the fundamental idea behind index numbers?
- To assign a single number to several individuals
- To quantify trends in statistics
- To measure the effect of changes in the price (correct)
- To compare different time periods
What are some common uses of index numbers?
What are some common uses of index numbers?
- Measuring changes in price (correct)
- Measuring sustainability
- Measuring human development
- Measuring crime rates
What is the base time period in index numbers?
What is the base time period in index numbers?
Signup and view all the answers
What does an index number assign to several individuals statistics?
What does an index number assign to several individuals statistics?
Signup and view all the answers
