Statements That Are Based on a Systematic Collection and Analysis

question 55

Multiple Choice

Statements that are based on a systematic collection and analysis of data are called

• A) value-laden.
• B) empirical.
• C) subjective.
• D) rational.

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Definitions:

Consumer Price Index

An index that looks at the weighted average prices of a collection of consumer products and services, like food, transportation, and healthcare, to gauge inflation.

Price Level

An overall average price for the complete array of goods and services in the economy.

Consumer Price Index

A measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care.

Market Basket

A selected set of goods and services used to track changes in prices and measure inflation over time; represents the typical consumption of a household.