Question

how can index number classified as

Answer 1

Answer:

Index number may be classified in terms of what they measure. In economic and business the classifications are: (1) price; (2) quantity; (3) value; and (4) special purpose. Only price and quantity index numbers are discussed in detail.

Answer 2

The index number is classified as follows:

• Because they aid in comprehending changes in societal economic situations, the index values are referred to as economic barometers or economic indicators.
• In terms of what they measure, index numbers can be classed.
• Price, quantity, value, and special purpose are the four classifications used in economics and business.