The Bureau of Labor Statistics has taken several steps to reduce the bias in the consumer price index.Which of the following is not one of the steps taken to reduce the bias?
A)using statistical methods to reduce the size of the quality bias
B)updating the market basket every two years,rather than every 10 years
C)incorporating substitutions by consumers when prices of specific products rise rapidly
D)conducting a point-of-purchase survey to track where consumers actually make their purchases

Question

Quizplus · Accepted Answer

The Bureau of Labor Statistics does not incorporate substitutions by consumers when prices of specific products rise rapidly.

The Bureau of Labor Statistics Has Taken Several Steps to Reduce