Changes in the Quality of a Good

question 133

Multiple Choice

Changes in the quality of a good

• A)do not present a problem in the construction of the consumer price index.
• B)present a problem in the construction of the consumer price index, and that problem is sometimes referred to as substitution bias.
• C)are not accounted for, as a matter of policy, by the Bureau of Labor Statistics.
• D)can lead to either an increase or a decrease in the value of a dollar.

---

Definitions:

Labor Union Membership

The status of being a member of an organization that represents workers' interests to employers, including negotiations for better wages and working conditions.

Collective Bargaining

The process where employers and unions negotiate conditions of employment such as wages, hours, and working conditions.

Craft Unions

Labor unions composed of workers who engage in a particular trade or have a particular skill.

Industrial Unions

Labor organizations that represent all workers, skilled and unskilled, employed in a specific industry.