CHAPTER 2 ECONOMIC DATA

Question 1

Base period

Answer 1

The period, such as year or a month, with which all other values in a series are compared.

Question 2

Index number

Answer 2

An indicator showing the relative value of one number to another from a base of 100. It is often used to present an average of a number of statistics.

Question 3

Nominal values

Answer 3

Values unadjusted for the effects of inflation (i.e. values at current prices.)

Question 4

Real values

Answer 4

Values adjusted for inflation (i.e. values at constant price.)