When economists refer to an economy's price level,they indicate:
A)the rate of inflation in that economy.
B)the prices of goods and services relative to consumers' incomes.
C)a composite measure of prices of all goods and services.
D)a period of level,or steady,prices in that economy.
E)the price of a specific consumer good.

Question

Quizplus · Accepted Answer

The price level refers to a composite measure of prices of all goods and services in an economy. This can be measured using price indices such as the Consumer Price Index (CPI) or the Producer Price Index (PPI). It is not necessarily indicative of inflation or the price of a specific consumer good.

When Economists Refer to an Economy's Price Level,they Indicate