The consumer price index is
A) an average of the prices of the goods and services purchased by the typical family.
B) the cost of a market basket of goods and services typically consumed in a base year.
C) the cost of a market basket of goods and services typically consumed in the current year.
D) an average of the prices of new final goods and services produced in the economy over a period of time.

Question

Quizplus · Accepted Answer

The consumer price index (CPI) measures the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

The Consumer Price Index Is