A number of relating prices of a group of commodities to their prices during an arbitrarily chosen based period is called ?
Correct answer: A. Price index
- A. Price index
- B. Price indexing
- C. Price fixing
- D. Price choosing
Explanation
A price index compares the prices of a selected group of goods with their prices in a chosen base period, usually setting the base at 100. Price fixing is an attempt to control or agree on prices, not a measurement.
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About Macroeconomics
The economy is studied as a whole through national income, gross domestic product, inflation, unemployment, economic growth and business cycles. Coverage includes aggregate demand and supply, consumption and investment, money and banking, fiscal and monetary policy, exchange rates and balance of payments, which distinguishes macroeconomics from the study of individual markets.
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