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UI Post-UTME Commerce 2024 Question 3

Question 3

Money

Inflation rate in an economy is measured by means of

  1. A.Consumer price index
  2. B.Price mechanism
  3. C.Price legislation
  4. D.Price discrimination
  5. E.Aggregate index
Show the answer and explanation

Answer: A (Consumer price index)

Explanation

The consumer price index tracks changes in the prices of a basket of household goods and services.