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Which of the following is a common measure of inflation?

Practice Questions

Q1
Which of the following is a common measure of inflation?
  1. Gross Domestic Product (GDP)
  2. Consumer Price Index (CPI)
  3. Unemployment Rate
  4. Balance of Payments

Questions & Step-by-Step Solutions

Which of the following is a common measure of inflation?
  • Step 1: Understand what inflation means. Inflation is when prices of goods and services increase over time.
  • Step 2: Learn about measures of inflation. There are different ways to measure inflation.
  • Step 3: Identify the Consumer Price Index (CPI). The CPI is one of the most common measures of inflation.
  • Step 4: Know what the CPI does. It tracks the average change in prices that consumers pay for a specific set of goods and services over time.
  • Step 5: Recognize that the CPI helps us understand how much prices are rising, which indicates inflation.
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