The Consumer Price Index Is

question 94

Multiple Choice

The Consumer Price Index is

• A)A measure of changes in the average price of all goods and services.
• B)A measure of changes in the average price of consumer goods and services.
• C)Used to measure the impact of business speculation on consumers.
• D)The impact felt by consumers who move into a higher tax bracket because of inflation.

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Definitions:

Interval Level

Interval level refers to a type of data measurement that includes meaningful, equal distances between values, but without a true zero point, allowing for the measurement of difference and the use of arithmetic operations.

Ratio Level

The highest level of measurement that describes data with a true zero point and equal intervals between values, allowing for a full range of descriptive and inferential statistical operations.

Statistical Test

A procedure for making inferences about the properties of a population, based on sample data.

Legal Age

The age at which an individual is recognized by law as an adult and capable of making legal decisions.