The Measure of the Cost of a Standard Basket of Goods

question 111

Multiple Choice

The measure of the cost of a standard basket of goods and services in any period relative to the cost of the same basket of goods and services in the base year is called the:

• A)consumption cost calculator.
• B)consumption production index.
• C)consumer production index.
• D)consumer price index.

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Definitions:

Law

A system of rules created and enforced through social or governmental institutions to regulate behavior, with consequences for violation.

Generation

An age group that has unique and formative historical experiences.

Age Cohort

A group of individuals who share similar ages, and hence, are likely to have shared experiences, attitudes, and transitions.

Life Course

The chronological series of notable events, experiences, and changes that occur in a person's life from the time they are born until they die.