There is no longer much debate among economists concerning the severity of and the solution to the problems in using the CPI to measure the cost of living.

Question

Quizplus · Accepted Answer

There is still significant debate among economists regarding the accuracy of the Consumer Price Index (CPI) as a measure of the cost of living. Economists discuss issues like substitution bias, new product bias, quality change bias, and outlet substitution bias, among others, when considering the CPI's effectiveness in accurately reflecting the cost of living.

There Is No Longer Much Debate Among Economists Concerning the Severity