Question

The market basket that is used by the Bureau of labor statistics to calculate prices is made up of which of the following

Answer 1

Typical goods and services purchased by an urban household

Step-by-step explanation:

The "typical basket" of goods and services is important to define and measure accurately because the cost of the basket determines the Consumer Price Index, which economists use to measure how prices change over time.

Answer 2

Common products and services purchased by households.

Step-by-step explanation:

The market basket is a list of goods and services that are common purchases of a household and it is used to measure the cost of living in a country. The market basket helps to track the price changes of the items which allows to measure the inflation.