TAILIEUCHUNG - Chap_24CostofLiving

Measuring the Cost the Cost of Living. Inflationrefers to a situation in which ’s overall price level is rising The inflation rate is the in the price level from periodThe Consumer Price Index. Theconsumer price index (CPI) is of the overall cost of the services bought by a The Bureau of Labor Statistics CPI each month It is used to monitor changes in the living over timeExample of CPI in is also called Try and figure CPI is biased QuickTime™ and needed to see this pictureProblems in Measuring The CPI is an accurate measure of goods that make up the , but it is not a perfect the cost of living | Measuring the Cost of Living Chapter 24 Measuring the Cost of Living Inflation refers to a situation in which the economy’s overall price level is rising. The inflation rate is the percentage change in the price level from the previous period. The Consumer Price Index The consumer price index (CPI) is a measure of the overall cost of the goods and services bought by a typical consumer. The Bureau of Labor Statistics reports the CPI each month. It is used to monitor changes in the cost of living over time. Example of CPI in Action CPI is also called the Consumer Price Index. Try and figure how the CPI is biased. QuickTime™ and a Video decompressor are needed to see this picture. Problems in Measuring The Cost of Living The CPI is an accurate measure of the selected goods that make up the typical bundle, but it is not a perfect measure of the cost of .

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