Role of price index in inflation analysis
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Changes in the levels of prices are measured using a scale called a price index. This is the most useful device for measuring change in the price level. Because a market basket includes a range of goods and services, it provides a more comprehensive measure of inflationary pressure than a single item would. ...
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In most countries price indexes are used to measure inflation, each focusing on the prices of a collection of goods and services important to a particular segment of the economy. ... A price index is a measure of price changes using a percentage scale.
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