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Cost of Raising a Child in UK Infographics

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Cost of Raising a Child in UK Infographics

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Questions and Answers

What does the Consumer Price Index (CPI) measure?

The total income of a typical household in a particular year

The unemployment rate in a particular year

The cost of a specific basket of goods and services purchased by a typical household (correct)

The gross domestic product (GDP) of a country

In the context of CPI, what is the 'COBG'?

Consumer Overhead Basket Goods

Current Output Base Goods

Cost Of Buying Groceries

Cost Of Basket Goods (correct)

Which step is involved in constructing the CPI?

Comparing the GDP of different countries

Calculating the unemployment rate

Identifying the basket of goods (correct)

Determining the exchange rate

What is the purpose of gathering prices of goods in the basket for CPI calculation?

To determine the cost of the basket of goods in the base year Signup and view all the answers

What does the CPI formula aim to determine?

The inflation rate in a particular year Signup and view all the answers

What information is needed to calculate CPI using the formula?

Quantity and prices of goods in the basket Signup and view all the answers

What does the Consumer Price Index (CPI) represent for a specific year?

The cost-of-living changes over time Signup and view all the answers

Why is it important to identify the basket of goods for CPI calculation?

To assess the impact of government policies on spending Signup and view all the answers

What is the purpose of finding the COBG in the base year for CPI calculation?

To measure changes in purchasing power over time Signup and view all the answers

What does 'CPI' stand for?

Consumer Price Inflation Signup and view all the answers

Study Notes

Consumer Price Index (CPI)

Measures the average change in prices of a basket of goods and services purchased by households
'COBG' stands for 'Cost of Basket of Goods', which is the total cost of the goods and services in the basket

Constructing the CPI

Involved steps include: selecting the basket of goods, gathering prices of goods in the basket, finding the cost of the basket of goods (COBG) in the base year, and calculating the CPI using the formula

Calculating the CPI

Purpose of gathering prices of goods in the basket is to find the COBG in the base year
Formula aims to determine the ratio of the current year's COBG to the base year's COBG
Information needed to calculate CPI using the formula includes: prices of goods in the basket, quantity of each good, and COBG in the base year

Importance of CPI

Represents the average change in prices of a basket of goods and services purchased by households for a specific year
Identifying the basket of goods is important to understand the average change in prices
Finding the COBG in the base year is crucial to calculate the CPI

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Description

Test your knowledge about the percentage change in costs of raising a child in the UK from 2012 to 2013. This quiz is based on the information provided regarding the rising costs of education, childcare, food, and the total cost of raising a child in the UK.