Question

The following 2 questions (Q59 to Q60) are either “True” or “False”

Q59: The current ‘base period’ that we are on is 1982-1984.

Q60: ‘Child care’ is one of the eight major categories of goods and services in the market basket.

Answer 1

Answer 59: The current ‘base period’ that we are on is 1982-1984 .

This statement is true.

The reference base years refer to the period in which the index is set to 100. In addition, expenditure weights are updated every two years to keep the CPI current with changing consumer preferences. It means CPI = 100 the average over the 36 months from January 1982 through December 1984.

Answer 60: Child care’ is one of the eight major categories of goods and services in the market basket.

This statement is false.

The eight major categories of goods and services in the market basket are as follows:

1. Food and beverages.
2. Housing.
3. Apparel.
4. Transportation.
5. Medical care.
6. Recreation.
7. Education and communication.
8. Other goods and services.