I learned that price level is the weighted average of prices of all goods and services in an economy. Does weighted mean that certain goods and service have different weight (in other words importance)than other goods and services like chewing gum having less weight than milk, or does weighted mean something else?

  1. 👍 0
  2. 👎 0
  3. 👁 112
asked by Sarah

Respond to this Question

First Name

Your Response

Similar Questions

  1. Social Studies

    What two types of money are commonly used in the U.S today? silver and gold coins and paper currency*** weighted and weighted coins goods and services How is money used as a store of value? People use money to buy productive

    asked by Hayley on August 7, 2017
  2. Economics

    Why is it that the people responsible for pensions use the CPI as an indicator for inflation rather than the GDP deflator? Why is the CPI better? what is rconimics I believe the biggest reason is the base for each measures. CPI

    asked by Joey on September 30, 2006
  3. Math

    Information from a survey on 175 persons about the goods, services and prices of a supermarket is as follows: 110 persons complained about the prices 67 persons complained about the services 55 persons complained about the goods

    asked by Lisa on March 4, 2008
  4. microeconomics

    If the price of oil falls below $50 per barrel, then the supply of the goods and services whose poduction involves a lot of oil will increase. The incresase in supply will cause the prices for these goods and services to fall.

    asked by Brittany on February 8, 2007
  5. Social Studies

    People engage in trade mostly in order to _______ a. have access to a variety of goods (?) b. encourage specialization in the economy c. raise labor productivity at businesses d. set prices for goods and services most efficiently

    asked by Anonymous on September 19, 2013
  6. Finance

    For each of the following situations, indicate whether FIFO, LIFO, or weighted average applies. a. In a period of rising prices, net income would be highest. b. In a period of rising prices, cost of goods sold would be highest. c.

    asked by Monty Douglas on January 21, 2011
  7. Managerial Economics

    If the price of computers falls 6 percent during a period when the level of average prices falls 12 percent, the relative price of computers compared with other goods: a) Stays the same. b) Increases. c) Decreases. d) More

    asked by Shekhar on October 1, 2007
  8. social studies

    How is money used as a store value? A. People use money to buy productive resources to make goods and services. B. People agree that money has value to purchase needed goods and services. C. People compare the value of different

    asked by Rummy tum tum 33 on January 10, 2017
  9. Economic Stability

    What does this term mean? Does it basically mean.. The rate at which the general level of prices for goods and services is rising. Could you sort of simplify it a bit more. What does general level mean?

    asked by Anonymous on April 15, 2011
  10. Social Studies

    What is one benefit of trade? Prices go up for luxury goods from abroad. People have access to more goods and services. Workers may make goods to be sold in other countries Consumers can choose to buy goods made closer to home Is

    asked by Anonymous on September 11, 2013

More Similar Questions