The Bureau of Labor Statistics uses consumer price index to
a. monitor changes in the level of wholesale prices in the US economy.
b. monitor changes in the cost of living of people in the US over time.
c. monitor changes in the level of real GDP in the US over a period of time.
d. monitor changes in the American stock market.
The Bureau of Labor Statistics uses consumer price index to
a. monitor changes in the level of wholesale prices in the US economy.
b. monitor changes in the cost of living of people in the US over time.
c. monitor changes in the level of real GDP in the US over a period of time.
d. monitor changes in the American stock market.
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Related questions
There are many different types of market baskets that economists measure. For example, the market basket for consumers called the 'Consumer Price Index' tracks the prices associated with the typical consumer's purchases of goods and services. The 'Producer Price Index' tracks the prices that firms receive when selling their goods and services.
Indicate the appropriate market basket to use in each of the following instances.
Consumer Price Index:
| a) | Measuring differences in the cost of living between different cities. |
| b) | Examining price changes that might affect businesses. |
| c) | Measuring the cost of living for a typical consumer. |
Producer Price Index:
| A) | Measuring differences in the cost of living between different cities. |
| B) | Examining price changes that might affect businesses. |
| C) | Measuring the cost of living for a typical consumer. |
