The Items Included in the CPI Are

question 21

Multiple Choice

The items included in the CPI are

• A)only goods and services produced within the current year and consumed by the typical household.
• B)final goods and services produced in Australia.
• C)final goods produced in Australia.
• D)goods but not services consumed by the typical urban household.
• E)goods and services consumed by the typical urban household.

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Definitions:

Ordinal Data

Data that can be categorized and ranked; however, the intervals between the categories are not necessarily equal.

Nominal Variable

A categorical variable for which different values represent different categories without any intrinsic ranking order.

Interval Data

A type of numerical data involving measurements where both the order and the exact differences between the measurements matter, but there is no true zero point.

Quantitative Data

Data that can be quantified and verified, and is amenable to statistical manipulation. It represents the quantity of something rather than its quality.