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:

Papery Leaves

Leaves characterized by a thin, dry, and delicate texture, often found on plants in dry environments.

Corms

Underground plant stems that serve as storage organs for nutrients during dormant periods.

Monocot

A group of flowering plants (angiosperms) that has a single cotyledon (embryonic leaf) in the seed, common examples include grasses and lilies.

Eudicot

A major group of flowering plants characterized by the presence of two cotyledons in their seedlings, among other structural features.