SSC CGL Exam > SSC CGL Videos > SSC CGL Tier 2 - Study Material, Online Tests, Previous Year > Chain-Base Index Numbers
Chain-Base Index Numbers Video Lecture | SSC CGL Tier 2 - Study Material, Online Tests, Previous Year
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FAQs on Chain-Base Index Numbers Video Lecture - SSC CGL Tier 2 - Study Material, Online Tests, Previous Year
| 1. What is a chain-base index number? |  |
Ans. A chain-base index number is a statistical measure used to track changes in the value of a variable over time. It compares the value of the variable in different periods to a base period and expresses this change as a percentage.
| 2. How is a chain-base index number calculated? | |
Ans. To calculate a chain-base index number, the value of the variable in each period is divided by the value of the variable in the base period. This ratio is then multiplied by 100 to express the change as a percentage.
| 3. What is the advantage of using chain-base index numbers over fixed-base index numbers? | |
Ans. One advantage of using chain-base index numbers is that they allow for the inclusion of new data and the removal of outdated data, making them more flexible and adaptable to changing circumstances. This enables a more accurate measurement of changes in the variable over time.
| 4. How are chain-base index numbers useful in economic analysis? | |
Ans. Chain-base index numbers are commonly used in economic analysis to measure changes in variables such as prices, production, or employment over time. They provide valuable insights into the direction and magnitude of these changes, allowing policymakers and researchers to make informed decisions and identify trends.
| 5. Can chain-base index numbers be used to compare different variables? | |
Ans. Yes, chain-base index numbers can be used to compare changes in different variables over time. By expressing the changes as percentages, these index numbers provide a standardized measure that allows for meaningful comparisons across variables. However, it is important to consider the nature and characteristics of the variables being compared to ensure valid conclusions.
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