The statistical measure of the weighted average of prices of goods purchased by an urban wage earner is called the
A)Producer Price Index.
B)GDP deflator.
C)Consumer Price Index.
D)Urban Wage Index.

Question

Quizplus · Accepted Answer

The Consumer Price Index (CPI) is the statistical measure of the weighted average of prices of goods and services purchased by urban wage earners and clerical workers. It is used to track inflation and is often considered a measure of the cost of living. The Producer Price Index (PPI) measures the average change over time in the selling prices received by domestic producers for their goods and services, while the GDP deflator is a measure of inflation that reflects changes in the prices of all goods and services produced in an economy. The Urban Wage Index is a measure of the growth in wages and salaries for workers in urban areas.

The Statistical Measure of the Weighted Average of Prices of Goods