The Consumer Price Index (CPI) is: Question 27Select one:a.a measure of the quality of life for all consumers for the market basket of consumer goods and services.b.a measure of consumers goods and services.c.a measure of how much a market basket of consumer goods and services cost.d.a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.e.a measure of the average change over time in the prices paid by urban consumers for all consumer goods and services.
Question
The Consumer Price Index (CPI) is: Question 27Select one:a.a measure of the quality of life for all consumers for the market basket of consumer goods and services.b.a measure of consumers goods and services.c.a measure of how much a market basket of consumer goods and services cost.d.a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.e.a measure of the average change over time in the prices paid by urban consumers for all consumer goods and services.
Solution
The correct answer is:
d. a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.
The Consumer Price Index (CPI) is a statistical estimate that measures the average change over time in the prices of a basket of goods and services that households acquire for the purpose of consumption. It is used to calculate inflation and to understand the cost of living. The "market basket" represents the goods and services that an average household will buy, such as food, transportation, and medical care. The CPI is calculated by taking price changes for each item in the basket and averaging them; the goods are weighted according to their importance. Changes in CPI are used to assess price changes associated with the cost of living.
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