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In: Business and Management

Submitted By jayzone11
Words 348
Pages 2
1. Define the term “index number”. (3 marks)

2. Explain why economists use index numbers to illustrate economic data? (5 marks)

3. In 2012 the production of an economy totalled £3500 billion; in 2014 it was £3850 billion. Assuming 2012 was the base year, calculate the index number of 2014. (4 marks)

4. The data below relate to a price index in which 2012 is the base year. 2011 | 102.5 | 2012 | 100.0 | 2013 | 98.8 | 2014 | 100.4 |
Which of the following statements relating to the above data is true? A. Prices rose by 4% between 2012 and 2014 B. Prices fell by 1.2% between 2011 and 2013 C. Prices fell by 1.2% between 2012 and 2013 D. Prices rose by 2.5% between 2011 and 2012 (1 mark)

5. Explain why it is difficult for the UK government to identify the spending patterns of an average family. (7 marks)

6. Explain why the Office for National Statistics has to change the “basket” of goods and services on which it bases its CPI calculations regularly. (5 marks)

7. The data in the table below are a simplification of a consumer prices index. Product | Weight | Price Index number | Price x Weight | Food, clothing, alcohol and tobacco | 250 | 104 | ? | Housing and household products | 180 | 97 | 17,460 | Health, transport and communication | ? | 106 | 21,200 | Other items | 370 | ? | 37,740 | Total | 1000 | | ? |

Calculate the 4 values that are missing from this table. (4 marks)

8. With reference to the data in the above table, what was the rate of inflation between the base year and the year shown by the data? A. 2.4% B. 1.2% C. 4.2% D. 2.0%

9. Explain why a weighted price…...

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