The statistical measure of the weighted average of prices of goods purchased by a typical individual is called the
A) Producer Price Index.
B) Gross Domestic Product (GDP) deflator.
C) Consumer Price Index.
D) Personal Consumption Expenditure Index.

Question

Quizplus · Accepted Answer

The Consumer Price Index (CPI) is a statistical measure of the weighted average of prices of goods purchased by a typical individual or household. It is used to track inflation and changes in the cost of living. The other options (A, B, and D) are also measures of price levels, but they focus on different aspects such as prices at the producer level, prices of all final goods and services in an economy, and personal consumption expenditures, respectively.

The Statistical Measure of the Weighted Average of Prices of Goods