If the quality of a good deteriorates from one year to the next while its price remains the same, then the value of a dollar falls.
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Q21: Data from the Bureau of Labor Statistics
Q22: The CPI does not reflect the increase
Q23: Data from the Bureau of Labor Statistics
Q24: The producer price index measures the cost
Q25: Substitution bias causes the CPI to understate
Q27: Substitution bias occurs because the CPI ignores
Q28: When a new good is introduced, consumers
Q29: Data from the Bureau of Labor Statistics
Q30: The CPI and GDP deflator usually tell
Q31: Many economists believe the bias in the
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