UIIIIIIIII Multiple Choice Question The measure of the average change in the prices urban consumers pay for a fixed "basket" of goods and services is called the: O trade balance O basket price index 50 Concepts completed O present value of goods and services O consumer price index

The measure you’re looking for is called the consumer price index (CPI). This nifty index tracks how prices change over time for a specific "basket" of goods, which includes things like food, clothing, and healthcare. Essentially, it helps us understand inflation and how it affects our daily spending! In real-world terms, the CPI is crucial for economic policy-making and adjusting social security benefits. It influences everything from wages to interest rates, meaning it affects pocketbooks across the board! Now you see why keeping an eye on the CPI can help you make better financial decisions.