ECONOMICS
INFLATION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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value of current gross domestic product in base-year dollars
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prices of all consumer goods and services produced in the economy
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prices of selected raw materials purchased by firms
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prices of a specific group of goods and services purchased by consumers
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prices of imports, but not exports
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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: -The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. Indexes are available for the U.S. and various geographic areas.
Detailed explanation-3: -The consumer price index (CPI) is a means to measure the weighted average cost of consumer bags of goods and services such as food, medical care, and transportation. It is evaluated by taking a cost change of each product in the prearranged bags of goods and averaging them.
Detailed explanation-4: -The Consumer Price Index (CPI) is a measure of the aggregate price level in an economy. The CPI consists of a bundle of commonly purchased goods and services. The CPI measures the changes in the purchasing power of a country’s currency, and the price level of a basket of goods and services.
Detailed explanation-5: -PPIs measure price change from the perspective of the seller. This contrasts with other measures, such as the Consumer Price Index (CPI), that measure price change from the purchaser’s perspective. About 10, 000 PPIs for individual products and groups of products are released each month.