Multiple Choice
A change in the average price level is called ________, while a change in the price of a specific good in comparison with other goods and services is called ________.
A) a quality adjustment; a substitution bias
B) a change in a relative price; inflation
C) inflation; a change in a relative price
D) a price level adjustment; a quality adjustment
Correct Answer:
Verified
Correct Answer:
Verified
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Q123: In 1929, the CPI equaled 0.171 and
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