The base year in the consumer price index (CPI) is: a. given a value of zero b.

Question

The base year in the consumer price index (CPI) is: a. given a value of zero b. a year chosen as a reference for prices in all otheryears c. always the first year in the current decade d. established by law Please tell me why you picked the answer Thanls The base year in the consumer price index (CPI) is: a. given a value of zero b. a year chosen as a reference for prices in all otheryears c. always the first year in the current decade d. established by law Please tell me why you picked the answer Thanls

Explanation / Answer

b. a year chosen as a reference for prices in all other years- it is a definition of CPI ~ A consumer price index(CPI) is a measure of the average price of consumer goods andservices purchased by households. A consumer price index measures aprice change for a constant market basket of goods and servicesfrom one period to the next within the same city (or in theNation). It is a price index determined by measuring the price of astandard group of goods meant to represent the typical marketbasket of a typical urban consumer

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