Question 7 1 pts The formula for the CPI is O (Cost of CPI market basket at curr

Question

Question 7 1 pts The formula for the CPI is O (Cost of CPI market basket at current period prices Cost of CPI market basket at base period prices) x 100. O (Cost of CPI market basket at base period prices+Cost of CPI market basket at current period prices) x 100. O (Cost of CPI market basket this year x Cost of CPI market basket at base period prices) x 100 O (Cost of CPI market basket this year x Cost of CPI market basket at base period prices)+ 100. O (Cost of CPI market basket at current period prices Cost of CPI market basket at next years prices) x 100

Explanation / Answer

Option A.

CPI is used to measure average price of a basket of goods and services in relation to a base year.

(CPI is given by price of the basket of goods and services)/ (price of the market basket in a base year) x 100.

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