Real Life Index Numbers

1.

Multiple Choice

1 min

1 pt

What is the purpose of calculating index numbers?

To understand the order in which to perform the calculation.

To compare the value of several different items in the present.

To calculate the percentage change.

To compare the value of an item to it's value in a previous year.

2.

Multiple Choice

1 min

1 pt

What is the index number for the 'base year' in any question?

1

0

100

10

3.

Multiple Choice

1 min

1 pt

Which of these is not a real life application of index numbers?

GDP

CPI

RPI

CHI

4.

Multiple Choice

2 mins

1 pt

The table shows the annual RPI for the UK using the previous year as the base year. This shows whether the cost of goods rose or fell each year.

In which year did the prices decrease?

2006

2007

2008

2009

5.

Multiple Choice

2 mins

1 pt

The table shows the annual RPI for the UK using the previous year as the base year. This shows whether the cost of goods rose or fell each year.

In which year did the prices increase the most, based on the previous year?

2007

2008

2009

2010

6.

Multiple Choice

5 mins

1 pt

The table shows the annual RPI for the UK using the previous year as the base year. This shows whether the cost of goods rose or fell each year.

Kat has a mobile phone plan that cost her £25.00 a month in 2007. What did it cost her in 2008? Give your answer to your the nearest penny.

£24.89

£26.08

£26.00

£26.55

7.

Multiple Choice

2 mins

1 pt

This table shows the quarterly Consumer Price Index (CPI) rates for the years 2015 and 2016. It uses 2015 Q1 as the base year.

What type of index numbers are shown in the table?

Simple Index Numbers

Chain based Index Numbers

Weighted Index Numbers

Grouped Index Numbers

8.

Multiple Choice

2 mins

1 pt

This table shows the quarterly Consumer Price Index (CPI) rates for the years 2015 and 2016. It uses 2015 Q1 as the base year.

In which two quarters did the CPI not increase?

2015 Q3 and 2015 Q4

2016 Q1 and 2016 Q2

2015 Q4 and 2016 Q2

2016 Q3 and 2016 Q4

9.

Multiple Choice

2 mins

1 pt

The table shows the UK's quarterly rolling GDP for 2019 and the first quarter of 2020.

By how much did the GDP decrease in 2019 Q2?

(Think carefully about the type of index number here)

0.9%

0.2%

1.1%

99.8%

10.

Multiple Choice

5 mins

1 pt

The table shows the UK's quarterly rolling GDP for 2019 and the first quarter of 2020.

In 2019 Q4, the UK economy produced £10,000,000,000 (10 billion) worth of goods. How much did they produce in 2020 Q1?

£98,000,000

£9,800,000

£98,000,000,000

£9,800,000,000

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