In the 1990s and 2000s Wal-Mart Entered the Grocery Sector

question 163

Multiple Choice

In the 1990s and 2000s Wal-Mart entered the grocery sector in several U.S. cities and as a result it brought lower prices on food. That the Bureau of Labor Statistics did not send its shoppers into these new stores in a timely fashion led to the CPI

• A)overstating inflation because they were missing "when people shop".
• B)understating inflation because they were missing "when people shop".
• C)overstating inflation because they were missing "where people shop".
• D)understating inflation because they were missing "where people shop".

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Definitions:

New Product

A good, service, or idea that has recently been introduced to the market, offering new benefits or satisfying newly identified needs or market niches.

Economic Change

A shift in the state of an economy, often marked by fluctuations in employment, prices, and wealth, potentially initiated by policy, market, environmental, or technological alterations.

Demographic Change

The alteration over time in the statistical characteristics of a population, such as age, race, or income.

Professional Standards

Benchmarks or criteria within a profession that define the quality, ethics, and performance expectations for professionals and their practices.