The retail price index is used to__________________?
Correct answer: C. measure changes in the cost of living
- A. construct price lists
- B. compare shop prices
- C. measure changes in the cost of living
- D. None of the above
Explanation
The retail price index tracks the average change in prices of goods and services bought by households, so it is used to measure changes in the cost of living. It is not simply a list for comparing individual shop prices.
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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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