Substitution Bias

question 12

Multiple Choice

Substitution bias

• A) Is one factor that causes the CPI to underestimate the inflation rate?
• B) Is caused by the poor quality of many imported products.
• C) Is one of the primary causes of inflation?
• D) Involves consumer behaviour that helps explain why the CPI overestimates the inflation rate.

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Definitions:

Property Held In Fee

A form of ownership where the owner has complete control over the property and can use, enjoy, or dispose of it at will; often referred to as fee simple ownership.

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