To construct the Consumer Price Index,the Bureau of Labor Statistics must
A)Find out what people buy with their incomes and how the prices of what they buy change.
B)Find out why people buy,what they buy,and how the prices of what they buy change.
C)Find out what is in the typical consumer market basket on the basis of what producers produce.
D)Conduct producer surveys to determine how much prices rise.

Question

Quizplus · Accepted Answer

The Consumer Price Index is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. The Bureau of Labor Statistics collects data on what people buy with their income and how the prices of these goods and services change, in order to construct the index. Therefore, choice A is the correct answer.

To Construct the Consumer Price Index,the Bureau of Labor Statistics