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FAQs on PPT - Index Numbers - Economics Class 11 - Commerce

1. What are index numbers and how are they used in economics?
Ans. Index numbers are statistical measures used to represent the relative change in a group of related variables with respect to a base value. In economics, they are used to track changes in prices, production, employment, and other economic indicators over time.
2. How are index numbers calculated?
Ans. Index numbers are calculated by dividing the current value of the variable being measured by the base period value, then multiplying by 100. This formula is used to standardize the data and make it easier to compare changes over time.
3. What are the different types of index numbers used in economics?
Ans. The main types of index numbers used in economics include price index numbers (such as the Consumer Price Index), quantity index numbers (measuring changes in physical output), and value index numbers (measuring changes in monetary value).
4. Why are index numbers important in economic analysis?
Ans. Index numbers are important in economic analysis because they allow economists to track changes in key economic variables over time, compare different time periods, and make informed decisions based on the trends revealed by the data.
5. What are some limitations of using index numbers in economic analysis?
Ans. Some limitations of using index numbers in economic analysis include the potential for biased data selection, the choice of base period affecting results, and the difficulty in accurately capturing complex economic relationships with a single index number.
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