Question

Identify and explain the concept from the given illustration:

Pooja collected information regarding a change in the quantity of imports of India from 2019 to 2020 and prepared an index number.

Answer 1

• Identified concept: Special purpose index number.
• Explanation of concept: A special purpose index number is a form of index number that is built with a specific purpose in mind. It measures the changes in specific economic factors throughout time.