Which of the following is a measure of the prices of typical products purchased by consumers living in urban areas? Consumer price index Balance of trade Nominal GDP Gross national product IDONTKNOWYET

Question

Which of the following is a measure of the prices of typical products purchased by consumers living in urban areas? Consumer price index Balance of trade Nominal GDP Gross national product IDONTKNOWYET

Answer 1

The correct answer is Consumer Price Index. The Consumer Price Index (CPI) is a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care, to calculate the overall cost of living for consumers living in urban areas. It is commonly used to assess the average price change of typical products and services purchased by consumers over time.

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Which of the following is a measure of the prices of typical products purchased by consumers living in urban areas? Consumer price index Balance of trade Nominal GDP Gross national product IDONTKNOWYET

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