105. Chapter Checklist 8

After studying this chapter, as a test of your knowledge of the essential points, can you

1. Cite uses for index numbers?

2. Calculate and interpret a simple price index?

3. Calculate and interpret a composite price index?

4. Explain the principle of a weighted price index?

5. Calculate and interpret the Laspeyres and Paasche indexes?

6. Explain the advantages and disadvantages of the Laspeyres and Paasche indexes?

7. Calculate an index based on the average of relatives method, and explain its nature?

8. Identify the issues important in selecting a base period?

9. Shift the base period of an index series?

10. Splice index numbers?

11. Discuss the nature and application of the specific indexes presented in the chapter?

12. Show how the consumer price index can be used to distinguish between money income and real income?

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