The amount of goods and services each dollar buys at a given point in time is:
A) inflation
B) consumer price index (CPI)
C) purchasing power
D) none of the above

Question

Quizplus · Accepted Answer

The amount of goods and services each dollar buys at a given point in time is referred to as purchasing power. Inflation refers to the rate at which prices for goods and services increase over time, while the Consumer Price Index (CPI) is a measure of the average change over time in the prices that consumers pay for a basket of goods and services. None of the above options describe the given definition.

The Amount of Goods and Services Each Dollar Buys at a Given