When demand is elastic, an increase in price will lead to an increase in total revenue

Fiat money means

A) only currency counts as money. B) the money can be converted into gold. C) the government has decreed that something is money. D) Italian currency. E) money's value does not change.

Substitution bias in the CPI refers to the fact that the CPI

A) takes into account the substitution of goods by consumers when relative prices change. B) takes no account of the substitution of goods by consumers when relative prices change. C) substitutes quality changes whenever they occur without taking account of the cost of the quality changes. D) substitutes relative prices for absolute prices of goods.