In 2000, You Could Buy a Cadillac DTS for $45,000

question 171

Multiple Choice

In 2000, you could buy a Cadillac DTS for $45,000. In 2011, the Cadillac DTS sold for $55,000. While both models include anti-lock brakes and air bags (along with other similar features) , the 2011 model also includes satellite radio and new technology that provides improved gas mileage and safer driving. If the Cadillac DTS was included in the CPI basket, it would create

• A) a downward bias in the inflation rate.
• B) an upward bias in the CPI as a result of quality change bias.
• C) an upward bias in the CPI as a result of commodity substitution bias.
• D) a downward bias in the CPI as a result of new goods bias.

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Definitions:

Meter Reading

The process of recording the amount of electricity, gas, water, or other utilities consumed by a household or business.

Thousand Cubic Feet

A unit of measure used primarily in the United States for volume, often in reference to the consumption or production of natural gas.

Natural Gas

A fossil fuel used as a source of energy for heating, cooking, and electricity generation, composed mostly of methane.

Mcf

A standard measurement of natural gas volume, equivalent to 1,000 cubic feet.