Asked by Sarah-Cate Parker on Jun 03, 2024
Verified
Data from the Bureau of Labor Statistics show that apparel makes up 14 percent of the typical consumer's budget.
Bureau of Labor Statistics
A federal agency in the United States dedicated to gathering and examining data on job market trends, conditions of employment, and variations in pricing.
Consumer's Budget
The total amount of income or resources available for an individual or household to allocate across various goods and services.
- Comprehend the methodology adopted by the Bureau of Labor Statistics for the evaluation and alteration of the CPI.
Verified Answer
SS
sherwin simpsonJun 05, 2024
Final Answer :
False
Explanation :
Data from the Bureau of Labor Statistics typically show that housing, transportation, and food make up the largest portions of the typical consumer's budget, with apparel making up a much smaller percentage, usually well below 14 percent.
Learning Objectives
- Comprehend the methodology adopted by the Bureau of Labor Statistics for the evaluation and alteration of the CPI.