The measure of the average prices of a given set of goods and services over time is an)
A)business cycle.
B)reflection of consumption patterns.
C)price index.
D)indicator of employment levels.

Question

Quizplus · Accepted Answer

The measure of the average prices of a given set of goods and services over time is commonly known as a price index. This index can then be used to track changes in the cost of living, inflation, and purchasing power. Business cycle refers to the fluctuations in economic activity, consumption patterns refer to the specific choices of consumers, and employment levels refer to the number of people currently employed in the economy.

The Measure of the Average Prices of a Given Set