Responses
the nominal price of a basket of consumer goods
the nominal price of a basket of consumer goods
the nominal price of all consumer goods in the economy
the nominal price of all consumer goods in the economy
the relative price of a basket of consumer goods as compared to base year prices
the relative price of a basket of consumer goods as compared to base year prices
the relative price of all consumer goods in the economy as compared to base year prices
1 answer
The correct response is:
the relative price of a basket of consumer goods as compared to base year prices.
The Consumer Price Index (CPI) measures the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services, serving as a measure of inflation or cost of living.
