Question

"A market basket is made up of all goods and services purchased by a family. a hypothetical consumption bundle. a set of goods and services typically purchased by producers. an arbitrary set of goods and services purchased by an individual. a fixed set of goods and services identified in 1982."

Answer 1

The given statement is "A market basket is made up of all goods and services purchased by a family , a hypothetical consumption bundle. a set of goods and services typically purchased by producers. an arbitrary set of goods and services purchased by an individual. a fixed set of goods and services identified in 1982 "  TRUE

Explanation:

Market baskets are hypothetical purchases of products and services by consumers and are a group of products and services which reflects the purchases made by the consumer.

The Consumer Price Index is a popular market index, offering an inflation indicator based on the average price changes charged over time to a particular basket of goods and services.

The CPI uses over 200 types of economic measures, including employment, housing, transport and leisure.

Major retailers use a market basket model to forecast and increase sales of stimuli based on consumers ' groups of products.