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QUESTION 3 According to the table shown in the previous question, what can be said about the cost of living in 2012? A. The typical consumer must spend 5% more in 2012 than he did in 2011 in order to buy the same goods. O B. Every consumer will experience a 5% increase in his cost of living from 2011. C. Whatever consumers bought in 2012 cost 5% more than what they spent in 2011 D. The typical consumer must spend 10.5% more in 2012 than he did in 2011 in order to buy the same goods QUESTION 4 According to the table shown in the previous question, what can be said about the cost of living in 2011? O A. It is the base year, so no comparisons can be made in this year O B. It is the base year, so the cost of the basket of goods did not change. O C. It increased by 5.0% from the previous year. O D. It increased by 5.3% from the previous year. QUESTION 5 In an attempt to separate the quality changes from price changes of a product over time the BLS does a: A. hedonic quality adjustment by estimating the price of similar goods O B. hedonic quality adjustment by estimating what the price of the item would be without the improved features O C. qualitative price change by estimating the price of all possible brands of the items O D. qualitative market adjustment by estimating the price of the items in all markets QUESTION C Click Save and S