Describe how the consumer price index (CPI) uses the "market basket" to measure price changes
What will be an ideal response?
The CPI measures price changes by creating a "market basket" of a specified set of goods and services that represent the average buying pattern of urban households. The value of this market basket, as determined by the combined prices of these goods and services, is compared to its value in a prior period (generally a month) and the change is noted.
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A Type II error occurs when:
A) a good lot is rejected. B) a bad lot is accepted. C) the population is worse than the LTPD. D) the proportion of defectives is very small. E) none of the above
When employees trust their supervisor, they are willing to be vulnerable to their supervisor's action because they are confident that ________
A) they can share ideas B) there will be two-way communication C) their rights and interests will be honored D) their performance will be appraised E) they will be provided with ample directions