As inflation drives up prices, people attempt to find substitutes and adjust what they buy. The resulting substitution bias problem causes the CPI to:
a. overstate the impact of higher prices on consumers.
b. consistently underestimate the true inflation rate.
c. omit the benefits of product quality improvements.
d. have larger fluctuations than other price indexes.
Question 2
If the marginal propensity to consume (MPC) is 0.90, the value of the spending multiplier is 90.
a. True
b. False
Indicate whether the statement is true or false
In 2006 an Iraqi tribunal convicted Saddam Hussein of murdering his own people and sentenced him to
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