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O-LevelEconomicsGovernment and the macroeconomy2281/12 · Oct/Nov 2016 · Q231 Mark

Some goods take a greater percentage of a typical household's total spending than others. How is this accounted for in the construction of a Retail Price Index?

Aby deducting the goods and services
Bby giving a weight to the goods
Cby taking an average of price fluctuations during a year
Dby using the price elasticity of demand for the goods

✓ Correct answer

B: by giving a weight to the goods

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About this question

Topic
Government and the macroeconomy, O-Level Economics (syllabus 2281). Multiple choice, 1 mark.
Source
O-Level Economics, Oct/Nov 2016 Paper 1 Variant 2, question 23.

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