A Group of Five Students Are Sharing a House

question 104

Multiple Choice

A group of five students are sharing a house. All of the students like to take long, hot showers in the morning, but when they do, there is not enough hot water for their housemates. Which of the following will be LEAST successful in getting the students to take shorter showers?

• A) foster open communication that encourages a fair and equitable solution between the housemates
• B) find a neutral mediator
• C) negotiate hot water use online via an instant messenger
• D) reframe the hot water as a common good

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Definitions:

Consumer Price Index

An index measuring the weighted average of prices of a basket of consumer goods and services, used as a measure of inflation.

Substitution Bias

The error made in inflation measurement due to changes in consumer purchasing behavior as they substitute cheaper goods for more expensive ones.

Quality

The degree to which a product or service meets certain standards or satisfies specified criteria, often related to excellence or superiority in performance.

Price Index

A statistical measure that shows changes in the price level of a basket of consumer goods and services over time, indicating inflation or deflation.