To construct the Consumer Price Index,the Bureau of Labor Statistics must
A)Find out what people buy with their incomes and how the prices of what they buy change.
B)Find out why people buy,what they buy,and how the prices of what they buy change.
C)Find out what is in the typical consumer market basket on the basis of what producers produce.
D)Conduct producer surveys to determine how much prices rise.

Question

Quizplus · Accepted Answer

To construct the Consumer Price Index, the Bureau of Labor Statistics needs to find out what people buy with their incomes and how the prices of what they buy change. This information is gathered through surveys and data collection on consumer spending patterns and price changes. The CPI reflects changes in the cost of living for a typical consumer, and it is based on the prices of goods and services in the market basket that represents what consumers typically buy.

To Construct the Consumer Price Index,the Bureau of Labor Statistics