Homework Help

Business
Economics
to look at changes in the cost of living we...

Question: to look at changes in the cost of living we...

Question details

to look at changes in the cost of living, we dont track the differences in each households actual expendltures from one yeer to the next on a market basket because Instructions: You may select more than one answer. Click the box with a check mark for correct answers, and click to empty the box for the wrong answers a consumers may substitute the relatively expensive goods with those goods whose prices have not ncreased ra o y as certain goods become more oo o s e. 2 actual expenditures may include spending outside the country 2 peoples consumpton patterms may change due to tastes or changes in income that have nothing to do with changing prices 囝innovation can lead to the introduction of new products or improvements on existing products. actual expenditures may include spending on goods and services used as inputs in the production process

Solution by an expert tutor

Blurred Solution

This question has been solved

Subscribe to see this solution