ECONOMICS
GDP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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nonfood items purchased by adult consumers
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food items purchased by rural families
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goods and services for a typical urban consumer
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food and necessary services for any family
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Detailed explanation-1: -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-2: -Market basket: A selected group of consumer goods and services whose prices are tracked for calculating a consumer price index and measuring the cost of living. Price stability: A low and stable rate of inflation maintained over an extended period of time.
Detailed explanation-3: -The market basket used to compute the Consumer Price Index is representative of the consumption expenditure within the economy and is the weighted average of the prices of goods and services.
Detailed explanation-4: -BLS has classified all expenditure items into more than 200 categories, arranged into eight major groups (food and beverages, housing, apparel, transportation, medical care, recreation, education and communication, and other goods and services).