Economics Principles and Applications.

Economics Principles and Applications. When that happens. the data gatherer goes through a four-page checklist of features such as screen size and the type of remote control to find the nearest comparable model. Once this process identifies a product that appears...

Accounting for Quality Change

Accounting for Quality Change Behind every macroeconomic statistic’ are thousands of individual pieces of data, as well key judgment calls. An Inflation Debate Brews over Intangibles at the Mall To most people, when the price of a 27-inch television set remains...

PROBLEMS IN MEASURING THE COST OF LIVING

PROBLEMS IN MEASURING THE COST OF LIVING The goal of the consumer price index is to measure changes in the cost of living. In other words, the consumer price index tries to gauge how much incomes must rise to maintain a constant standard of living The consumer price...

THE CONSUMER PRICE INDEX

THE CONSUMER PRICE INDEX The consumer price index (CPI) is a measure of the overall cost of the goods and services bought by a typical consumer. Each month, the Bureau of Labor Statistics (BLS), which is part of the Department of Labor, computes and reports the...

Measuring the Cost of Living

Measuring the Cost of Living In 1931, as the U.S. economy was suffering through the Great Depression, the New York Yanks paid famed baseball player Babe Ruth a salary of $80,000. At the time, this pay was extraordinary, even among the stars of baseball. According to...