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Willie is a concerned citizen of his small town. There are some national policy debates happening whose outcomes will have an effect on him and the people he knows. He wants to get educated and get involved, so first he turns to the Web.
-Willie wants to write up some of his research and present it in a professional manner. He'd like to educate his friends and neighbors, but he also wants to help influence the debate on a larger level. He took good notes on the Web sites he visited to collect his information. To make the best impression, he should ____.
Substitution Bias
A bias in measuring the cost of living or inflation that arises from the substitution of relatively cheaper goods for more expensive ones by consumers.
Basket of Goods
A fixed set of products and services, used to monitor changes in price levels over time to measure inflation.
Inflation Rate
The percentage increase in the price level of goods and services in an economy over a period of time, reflecting a reduction in purchasing power.
Consumer Price Index
An indicator quantifying the mean variation over periods in the financial commitments urban consumers make towards a particular set of consumer goods and services.
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