A measure of the average price of a given class of goods or services relative to the price of the same goods and services in a base year is called a:
A)real price.
B)real quantity.
C)rate of inflation.
D)price index.

Name: A measure of the average price of a given class of goods or services relative to the price of the same goods and services in a base year is called a: A)real price. B)real quantity. C)rate of inflation. D)price index.
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Question

Quizplus · Accepted Answer

This is the definition of "price index."

A Measure of the Average Price of a Given Class