Suppose That Dairy Products Have Risen in Price Less Than

question 143

Multiple Choice

Suppose that dairy products have risen in price less than prices in general over the past several years. Which of the following problems in the construction of the CPI is this price increase most relevant to?

• A)substitution bias
• B)introduction of new goods
• C)unmeasured quality change
• D)income bias

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Definitions:

Nominal Group Technique

A structured group meeting method aimed at facilitating the generation and prioritization of ideas, where participants work individually before sharing and discussing as a group.

Trend Analysis

A method of analyzing data to identify patterns or tendencies in a market, industry, or technology over time, aiding in forecasting future directions.

Expert Judgments

Assessments or decisions made by individuals with extensive knowledge or experience in a particular field.

Multivariate Regression

Multivariate Regression is a statistical method used to model the relationship between two or more independent variables and more than one dependent variable, helping in understanding complex phenomena by analyzing multiple influencing factors simultaneously.