When computing the consumer price index,the Bureau of Labor Statistics takes into account changes in the:
A) type of goods but not the quality of goods purchased by the average consumer.
B) quality of goods but not the type of goods purchased by the average consumer.
C) type of goods and the quality of goods.
D) neither the price nor the quality of the goods.

Question

Quizplus · Accepted Answer

The Bureau of Labor Statistics takes into account changes in both the type of goods and the quality of goods purchased by the average consumer when computing the consumer price index. This means that not only changes in prices, but also changes in the quality and availability of goods are taken into consideration to more accurately reflect changes in the cost of living for consumers.

When Computing the Consumer Price Index,the Bureau of Labor Statistics