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Consumer Price Index (CPI) Exam Questions and Answers (Latest Update 2024)
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Consumer Price Index (CPI) Exam Questions and Answers (Latest Update 2024)
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Consumer Price Index (CPI) ExamQuestions and Answers (Latest Update
2024)
What 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
, Consumer Price Index (CPI) Exam
Questions and Answers (Latest Update
2024)
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 make up?
What three groups does CPI not take into account? - Correct
Answer ✅ CPI-W: measures the CPI for Urban Wage Earners
and Clerical Workers
CPI-U: measures the CPI for Urban Consumers.
CPI-W = 28% of US population
CPI-U = 88% of US population
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