Prices of Items Included in the CPI Are

question 56

Multiple Choice

Prices of items included in the CPI are:

• A)averaged, with the price of every item weighted equally.
• B)weighted according to the amount of the item produced in GDP.
• C)weighted according to the quantity of the item purchased by the typical household.
• D)chained to the base year by the year-to-year growth rate of the item.

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Definitions:

Physical Change

A change in which the form of matter is altered but one substance is not transformed into another.

Chemical Identity

The unique combination of chemical properties and composition that precisely identifies a substance.

State of Matter

A distinct form that different phases of matter take on, traditionally classified as solid, liquid, gas, and plasma.

Chemical Change

A process that involves the reorganization of the atoms in one or more substances, resulting in the formation of new products with different properties.