Question

Inflation is often measured by evaluating changes in the cost of a fixed basket of goods and services. this method_______ inflation because it does not account for changes in spending patterns that result from relative price changes. this problem in known as ____. another problem with this technique is that it fails to recognize changes in the caliber of goods over time. as an example, consider cable television service. though the cost has remained relatively constant over time, the development of high-definition programing and more channels imply a substantial difference in caliber. this problem is known as _____.

Answer 1

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