1. The value of a price index in the base year is equal to _________. 2. Economists believe that the CPI tends to overestimate the increase in the cost of living over time. _________. (True/False) 3....

1. The value of a price index in the base year is equal to _________.

2. Economists believe that the CPI tends to overestimate the increase in the cost of living over time. _________. (True/False)

3. Unlike the CPI, the chain-weighted price index for GDP does not include used goods or _________ goods.

4. The single largest component of the basket of goods that comprises the CPI is the category for _________.