The consumer price index measures the:
A) average price of all goods and services included in GDP.
B) average price received by producers.
C) cost of living for a typical consumer.
D) price of the most popular household item.

Question

Quizplus · Accepted Answer

The consumer price index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. It is used to measure the cost of living for a typical consumer by tracking changes in the prices of goods and services that a typical household might purchase.

The Consumer Price Index Measures The