Suppose the Quality of Beef Changes Over Time,but the Quality

question 156

Multiple Choice

Suppose the quality of beef changes over time,but the quality change goes unmeasured for the purpose of computing the consumer price index.In which of the following instances would the bias resulting from the unmeasured quality change be least severe?

• A)The quality of beef deteriorates and beef becomes more expensive relative to other goods.
• B)The quality of beef deteriorates and beef becomes less expensive relative to other goods.
• C)The quality of beef improves and beef becomes more expensive relative to other goods.
• D)The quality of beef improves and the price of beef relative to other prices remains unchanged.

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Definitions:

Right Expertise

The possession of the precise knowledge, skills, and experience required for a specific task or job.

Leadership

The ability of an individual or a group to influence and guide followers or other members of an organization towards achieving goals.

Individualism

Individualism is a social theory favoring freedom of action for individuals over collective or state control, emphasizing personal independence and autonomy.

Collectivism

A cultural value that emphasizes the importance of groups and collective action over individual achievement or interests.