The Substitution Bias in the Consumer Price Index Refers to the

question 172

Multiple Choice

The substitution bias in the consumer price index refers to the

• A)substitution by consumers toward new goods and away from old goods.
• B)substitution by consumers toward a smaller number of high-quality goods and away from a larger number of low-quality goods.
• C)substitution by consumers toward goods that have become relatively less expensive and away from goods that have become relatively more expensive.
• D)substitution of new prices for old prices in the CPI basket of goods and services from one year to the next.

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Definitions:

Overextension

The application of a word or concept beyond its usual associated contexts, often occurring in the language development of children.

Fast Mapping

Fast Mapping is the process by which children quickly connect a new word with its meaning after only a few exposures to the word, contributing to rapid vocabulary expansion.

Babbling

A stage in child language acquisition characterized by repetitive sequences of sounds and syllables, preceding the formation of recognizable words.

Critical Period

A specific time in development during which the brain is particularly receptive to acquiring a skill or knowledge area.