2265229
Descrição
FlashCards por BryanTurner, atualizado more than 1 year ago
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Criado por BryanTurner
mais de 9 anos atrás
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| Questão | Responda |
| What is a behavioural law? | A sensible theoretical relationship not rejected by evidence over a long period. |
| What is time series data? | A sequence of measurements of the same variable at different points in time. |
| What is cross-section data? | A record at a point in time the way an economic variable differs across different individuals or groups of individuals. |
| What is panel data? | A record of observations over multiple time periods for the same individuals or group of individuals. |
| What is an index number? | An index number expresses data relative to a given base value. |
| Formula for index price | (Chosen year/Base year) x 100 Example: iPhones were $599 in the base year of 2007. 599/599 x 100 = index 100 In 2015, the newest iPhone is $199. 199/599 x 100 = index 33.22 |
| Define 'Consumer Price Index' | The CPI measures changes in the cost of living by looking at the cost of a standard 'shopping basket' of goods. |
| Define 'Inflation Rate' | The annual rate of change of the consumer price index. |
| What's the difference between nominal and real values? | Nominal values are measured in the prices ruling at the time of measurement. Real values adjust nominal values for changes in the price level. |
| Define 'The Purchasing Power of Money' | An index of the quantity of goods that can be bought for £1. |
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