Year 1996 1997 1998 CPI 157 161 163 2.) Refer to table above. Consider the following values of the consumer price index for 1996, 1997, and 1998: The inflation rate for 1997 was equal to ? 3.) The substitution bias in the consumer price index refers to the idea that consumers in response to price, and the CPI does not reflect this and A) change; overestimates B) change; underestimates C) do not change; overestimates D) do not change; underestimates the quantity of products they buy the cost of the market basket.
Year 1996 1997 1998 CPI 157 161 163 2.) Refer to table above. Consider the following values of the consumer price index for 1996, 1997, and 1998: The inflation rate for 1997 was equal to ? 3.) The substitution bias in the consumer price index refers to the idea that consumers in response to price, and the CPI does not reflect this and A) change; overestimates B) change; underestimates C) do not change; overestimates D) do not change; underestimates the quantity of products they buy the cost of the market basket.
Chapter6: Tracking The U.s. Economy
Section: Chapter Questions
Problem 4.9P
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