Describe the five advantages or uses of index numbers.
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Index number helps to know the inflation rate by measuring price level and value of money between two periods. It helps Central Bank in deciding credit policy. Helps in adjustment in salaries and allowances: Index number helps to determine wages and allowance of employees.
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Uses of Index Number in Statistics
It helps in measuring changes in the standard of living as well as the price level. Wage rate regulation is consistent with the changes in the price level. ... This price stability inherent to fiscal and economic policies is based on index numbers.
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