Are people Worse Off when Price Levels Rises as fast as their Income? Why do people often feel worse off in such circumstances? Please Reply back with Chapter 7 Economic Concepts Information and Logic. 1.) What is (Define) the Consumer Price index (CPI)? How is the Consumer Price index Calculated? Name 3 Macroeconomic Consequences of Inflation. [ Chapter 7 ] 2.) What is Laissez-Faire and how is it important to the government and the Macroeconomics? What is the Classical View for economics for the economy? Explain. [ Chapter 8 ] 3.) What is (define) Marginal Propensity to Consume (MPC). What is (define) Marginal Propensity to Save (MPS) ? What is the Consumption Function? How is the Consumption Function Calculated? [ Chapter 9 ]