The Consumer Price Index of any given year provides _____.(1 point)

Question

Responses

the nominal price of all consumer goods in the economy
the nominal price of all consumer goods in the economy

the nominal price of a basket of consumer goods
the nominal price of a basket of consumer goods

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

Answer 1

The Consumer Price Index of any given year provides the relative price of a basket of consumer goods as compared to base year prices.