A Price Index Like the CPI, Which Uses a Fixed

question 206

Multiple Choice

A price index like the CPI, which uses a fixed basket of goods from one year to the next, will tend to overstate inflation because

• A) producers are likely to change the number of goods they sell from year to year.
• B) producers will generally reduce the quality of goods as prices increase over time.
• C) consumers will tend to substitute away from goods that become more expensive.
• D) consumers will usually reduce their consumption of goods when they become relatively cheaper.

Recognize the need for fair and non-discriminatory selection practices in compliance with equal employment opportunity laws.

Understand the procedures required to comply with employment-related laws, such as the Immigration Reform and Control Act.

Understand the concepts and applications of various measures of central tendency (mean, median, mode) and their strengths and weaknesses.

Comprehend how to conduct basic calculations for descriptive statistics, including rounding procedures.

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