Consumer Price Index Question and answers correctly solved

Consumer Price Index Question and answers correctly solvedWhat is Consumer Price Index (CPI) - correct answer the average change in prices for a basket of goods and services What two things does CPI help measure? - correct answer inflation and the purchasing power of a country's currency What is a "basket" of goods and services? - correct answer A basket of goods are the final products consumers buy that determine the rate of inflation. What does it mean if the price of the basket of goods increases by 2% in a year? - correct answer inflation is 2%. When and why are basket goods and service adjusted? - correct answer on a regular basis whenever a change in consumer habits is detected What are some examples of basket goods and services? - correct answer everyday items like food, clothing, furniture, and transportation other ex: medical care, recreational expenses, admissions to museums, Education and communication expenses, random items such as tobacco, haircuts, and funerals. Who keeps track of the basket of goods to evaluate CPI? - correct answer Bureau of Labor Statistics (BLS) What are the two types of CPI? What do they measure? How much of the population do these groups m