The Consumer Price Index is a measure of the average of the prices paid by for a fixed basket of consumer goods and services.
A) urban wage earners and clerical workers
B) urban consumers
C) consumers living in cities with a population greater than 100,000
D) all consumers

Question

Quizplus · Accepted Answer

The Consumer Price Index (CPI) is a measure of the prices paid by urban consumers for a fixed basket of goods and services, including food, housing, utilities, transportation, healthcare, and more. It is not limited to a specific group of consumers such as urban wage earners or those living in cities with a population greater than 100,000. However, it does exclude rural consumers and those in farm households.

The Consumer Price Index Is a Measure of the Average