Question

The _____ is a measure of the average change in prices of a market basket of goods and services.

Answer 1

The "Consumer Price Index" is a measure of the average change in prices of a market basket of goods and services.

The Consumer Price Index (CPI) is a measure that inspects the weighted normal of costs of a crate of customer merchandise and enterprises, for example, transportation, nourishment and restorative consideration. It is determined by taking value changes for every thing in the foreordained bushel of products and averaging them. Changes in the CPI are utilized to evaluate value changes related with the average cost for basic items; the CPI is a standout among the most oftentimes utilized measurements for distinguishing times of inflation or deflation.  

Answer 2

The Consumer Price Index refers to the measure of the average change in prices of a market basket of goods and services. In economics, prices of goods and services relatively vary their prices in some base-year. Prices change at a given rate during a given period at particular regions where there are consumers.