Statscan publishes the monthly CPI (consumer price index). This index shows the change in prices paid by urban consumers for a market basket of goods and services. These data are
A) Cross-sectional
B) Nominal
C) Categorical
D) Time Series
E) Ordinal

Question

Quizplus · Accepted Answer

The CPI is a measure of price changes over time, specifically for a basket of goods and services that urban consumers typically purchase, making it a time series data. The index tracks the changes in prices from one period to the next, creating a time series. Cross-sectional data would be a snapshot of data at a specific point in time, while nominal, categorical, and ordinal data refer to different types of variables and scales of measurement that aren't applicable to this example.

Statscan Publishes the Monthly CPI (Consumer Price Index)