The CPI bias arises from all of the following items except ________
A. the introduction of new goods and services
B. the improved quality of goods
C. the goods and services bought by poor people
D. consumers' responses to price changes
C The CPI's biases do not include anything specific to the goods and services purchased by poor people.
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Why will the long-run market supply curve for most products slope upward to the right?
a. The firms producing the product will be unable to expand the size of their plant and equipment in the long run. b. Economies of scale are present in most industries. c. Most products are produced under conditions of constant cost. d. Resource prices will rise and push costs upward as the output of the industry expands.
Paul, a Canadian citizen, purchases oranges grown in Florida. This purchase is an example of
a. a U.S. import and a Canadian export b. a U.S. export and a Canadian import c. an export for both the U.S. and Canada d. an import for both Canada and the U.S.