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What is market basket of goods?

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Insha Fatima
Insha FatimaLv10
23 Sep 2020
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Related questions

Construct your own market basket of goods on the basis of the purchases you make. How does your "market basket" compare to that used to comprise the CPI index

The formula for computing a basic price index is
A) (cost of market basket today/cost of the market basket in the base year) × 100.
B) (cost of the market basket in base year/100) × cost of market basket today.
C) (cost of the market basket in base year/cost of market basket today) × 100.
D) (100/cost of the market basket in the base year) + cost of market basket today.

In an economy, the total expenditures for a market basket of goods in year one (the base year) was $5,000 billion. In year two, the total expenditure for the same market basket of goods was $5,500 billion. What was the Consumer Price Index for the economy in year 2?

A. 110
B. 120
C. 115
D. 100

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