Question

To obtain prices of a representative group of goods and services, the Bureau of Labor Statistics (BLS) conducts a monthly survey of __________ households nationwide on their spending habits. The results of this survey are used to construct a market basket of __________ types of goods and services purchased by the typical urban family of four.

Answer 1

14000, 211 type

Explanation:

To obtain the prices of a representative group of the goods and services that are related to the Bureau of Labor Statistics conduct a monthly survey on about 14000 households nationwide on their spending habits. The result of this survey are used to a basket of 211 types of goods and services are purchased by the typical urban family of four members. Then the BLS gather the information related to monthly prices on the market basket of goods and services and used these data to compute the CPI of those months. To determine the changes of that month's changes in price, The present CPI has been compared with the past CPI to calculate the percentage of the price that has been changed from one period to the next periods.