ECONOMICS
GDP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A typical ‘basket of goods’ consumed by a household in the U.S. It is measured quarterly, or every 3 months.
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The quarterly spending of U.S. families.
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Standard of living pressures in different countries.
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The U.S. exchange rate compared to other countries.
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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: -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-3: -The CPI market basket represents the consumer goods and services purchased by urban households. The Bureau of Labor Statistics (BLS) then groups these goods and services into eight categories. The groups will serve as labels for each of the boxes that will contain examples of items in each category.
Detailed explanation-4: -How Is the CPI Calculated? The Bureau of Labor Statistics samples 80, 000 prices monthly to calculate the CPI, weighing the index for each product or service in proportion to its share of recent consumer spending to calculate the overall change in prices.