which of the following is the definition of the consumer price index (cpi)? a. a broad price index measuring…

which of the following is the definition of the consumer price index (cpi)? a. a broad price index measuring the changes in prices of all new goods and services produced b. a statistical measure of average prices using annually updated weights based on surveys of consumer spending. c. a weighted average of prices of a market basket of goods and services purchased by typical urban consumers. d. a statistical measure of a weighted average of prices of goods and services that firms produce and sell.

which of the following is the definition of the consumer price index (cpi)? a. a broad price index measuring the changes in prices of all new goods and services produced b. a statistical measure of average prices using annually updated weights based on surveys of consumer spending. c. a weighted average of prices of a market basket of goods and services purchased by typical urban consumers. d. a statistical measure of a weighted average of prices of goods and services that firms produce and sell.

Answer

Brief Explanations:

The Consumer Price Index (CPI) measures the weighted - average of prices of a market basket of consumer goods and services typically purchased by urban consumers. Option A refers to a broader measure like GDP deflator. Option B is not the full - definition of CPI. Option D refers to a measure related to firms' production and sales, not consumers.

Answer:

C. A weighted average of prices of a market basket of goods and services purchased by typical urban consumers.