Which of the following is the term for the economic indicator that measures change in price over time, using a fixed market basket of average services and goods?
A)Phillip's Curve
B)CPI
C)MPC
D)GDP

Question

Quizplus · Accepted Answer

CPI is the term for the economic indicator that measures change in price over time, using a fixed market basket of average services and goods.
Key Takeaway: CPI is the economic indicator that measures change in price over time, using a fixed market basket of average services and goods. To calculate the Consumer Price Index (CPI), you need to set up a ratio between the cost of the market basket of goods in the given year to the cost of those same goods in the base year.

Which of the Following Is the Term for the Economic