Usually, which year of a series of years in an economic index is called the base year?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. First year.
In an economic index, the base year is typically the first year of the series or a year chosen to represent a stable economic condition. It serves as a reference point for comparing and measuring economic changes over time. The base year’s data is assigned a value of 100, and other years' data are compared relative to this base year to evaluate changes in economic indicators such as inflation, growth, or productivity.