Which price index measures the average price of things purchased by the typical family?
A) GDP deflator
B) Producer price index
C) Consumer price index
D) Minimum wage

Question

Quizplus · Accepted Answer

The Consumer Price Index measures the average price level of a basket of consumer goods and services typically purchased by households. The GDP deflator measures the average level of prices for all goods and services produced in an economy, while the Producer Price Index measures the average prices received by domestic producers for their output. The minimum wage is not a price index.

Which Price Index Measures the Average Price of Things Purchased