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Re-basing an index:

For this activity you will need to access the following data series:

LNNL - UK unit labour costs Index 1995 = 100

The task here is simply to re-base the unit labour costs index to 1998.

Help is provided.

Once you have carried out this re-basing task, try the following questions to test your results:

Q1. What is the effect of the re-basing operation?
(Select one answer)

(a) * To reduce all previous values.
(b) * To increase all previous values
(c) * To account for inflation
Q2. What is the new index figure for 1998?
(Select one answer)

(a) * 100
(b) * 92.17
(c) * 108.5
Q3. What is the new index figure for 1995?
(Select one answer)

(a) * 100
(b) * 108.5
(c) * 92.17
Q4. Look at the new index figure for unit labour costs in 1981. Does this observation suggest that actual costs twenty years ago were half the value of today?
(Select one answer)

(a) * Yes, because the index value in 1981 is less than half the value of 2000.
(b) * No, because the data on which the index is based is nominal and not 'real'.
Click to view your total score for all the above questions that you have attempted.

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