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2 cards from this section. Quick, good the night before a test.
What is an index number?
It measures relative changes.
What does CPI stand for?
Think about the prices of goods for consumers.
What type of index accounts for relative importance?
Think about budgeting and how some items are more important.
True or False: Index numbers can only measure price changes.
Consider the definitions we've discussed.
Given prices of various items in two different years, construct a weighted price index that reflects their importance based on a given expenditure.
Ensure you sum the weighted prices correctly.
Discuss how the choice of base year affects the interpretation of an index number.
Think about how the economy was performing during different years when considering your base.
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