Which of the following is not correct?
A)The consumer price index gives economists a way of turning dollar figures into meaningful measures of purchasing power.
B)The consumer price index is used to monitor changes in the cost of living over time.
C)The consumer price index is used by economists to measure the inflation rate.
D)The consumer price index is used to measure the quantity of goods and services that the economy is producing.

Question

Quizplus · Accepted Answer

The consumer price index is not used to measure the quantity of goods and services produced by the economy. It is a measure of the average change over time in the prices paid by urban consumers for a fixed basket of goods and services. The quantity of goods and services produced is measured by Gross Domestic Product (GDP).

Which of the Following Is Not Correct