Which Price Index Measures the Average Price for a Basket

question 24

Multiple Choice

Which price index measures the average price for a basket of goods purchased by a typical American consumer?

• A) the consumer price index
• B) the household price index
• C) the GDP deflator
• D) the producer price index

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Definitions:

Entire Shipment

A term indicating that a contract or sale involves the delivery of all goods in a single consignment, not in parts.

Specifications

Detailed descriptions or guidelines defining requirements, dimensions, materials, or performance criteria for projects, products, or services.

Comply

To act according to an order, set of rules, or request.

Market Price

The current price at which an asset or service can be bought or sold in the marketplace.