Which of the following is mostly used to determine the cost of living?

Assessment: JAMB UTME - Economics - 1995 Subject: Economics

Question 1 Report

Which of the following is mostly used to determine the cost of living?
Answer Details
The consumer price index (CPI) is mostly used to determine the cost of living. CPI is a measure of the average change in the prices paid by consumers for a basket of goods and services over time. It is calculated by selecting a representative sample of goods and services that are typically purchased by households, and tracking the price changes of these items over time. CPI is used to measure inflation, and is often used to adjust wages, salaries, and other income sources to account for changes in the cost of living.
Read lesson note on Methods And Tools Of Economic Analysis (JAMB)
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