Asked by Amanda Herrera on Jun 05, 2024
Verified
The consumer price index is used to monitor changes in an economy's production of goods and services over time.
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, used to estimate inflation.
Economy's Production
The total output of goods and services produced by a country's economy over a specific period.
Goods And Services
The output produced by economic activities which are either tangible products or intangible acts benefiting individuals or society.
- Arrange the manifold strategies and standards applied to quantify inflation.
Verified Answer
MS
Maggie StrassburgerJun 08, 2024
Final Answer :
False
Explanation :
The consumer price index (CPI) is used to monitor changes in the cost of living over time, reflecting the prices of goods and services purchased by households.
Learning Objectives
- Arrange the manifold strategies and standards applied to quantify inflation.