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Question
The characteristics of a base year are
1. It is always calculated by adding 5 years to the earlier base year
2. It should generally be a normal year
The characteristics of a base year are
1. It is always calculated by adding 5 years to the earlier base year
2. It should generally be a normal year
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Solution
The correct option is B 2 only
The base year must be a representative year and must not experience any abnormal incidents such as droughts, floods, earthquakes etc. It should generally be a normal year. It must be a year which is reasonably proximate to the year for which the national accounts statistics are being calculated.
The base year must be a representative year and must not experience any abnormal incidents such as droughts, floods, earthquakes etc. It should generally be a normal year. It must be a year which is reasonably proximate to the year for which the national accounts statistics are being calculated.
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