ECONOMICS
GDP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Producer Price Index (PPI)
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Gross Domestic Product (GDP)
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Consumer Price Index (CPI)
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Gross National Product (GNP)
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Detailed explanation-1: -The Consumer Price Index (CPI) is a measure of the average change overtime in the prices paid by urban consumers for a market basket of consumer goods and services.
Detailed explanation-2: -What, then, is inflation, and why is it so important? Inflation is the rate of increase in prices over a given period of time. Inflation is typically a broad measure, such as the overall increase in prices or the increase in the cost of living in a country.
Detailed explanation-3: -The Consumer Price Index (CPI) consists of a family of indexes that measure price change experienced by urban consumers. Specifically, the CPI measures the average change in price over time of a market basket of consumer goods and services. The market basket includes everything from food items to automobiles to rent.
Detailed explanation-4: -The CPI changes are applied to estimate the price changes linked to the cost of living in the economy. The CPI is one of the most commonly used statistics for locating inflation or deflation periods.
Detailed explanation-5: -Inflation is an increase in the overall price level. The official inflation rate is tracked by calculating changes in a measure called the consumer price index (CPI). The CPI tracks changes in the cost of living over time.