What does "substitution bias" in the consumer price index refer to? Select one: a. replacing old goods with new goods in consumer purchases b. replacing low-quality goods with high-quality goods in consumer purchases c. replacing expensive goods with cheaper goods in consumer purchases d. replacing old technology goods with new technology goods in consumer purchasesWhat does the GDP deflator reflect? Select one: O a. the level of prices in the base year relative to the current level of prices b. the current level of prices relative to the level of prices in the base year c. the level of real output in the base year relative to the current level of real output O d. the current level of real output relative to the level of real output in the base yearBobby Orr, the famous NHL hockey player, earned $600,000 in 1980. Today, the best hockey players can earn 10 times as much as Bobby Orr in 1980. Are the best hockey players better off than Bobby Orr? Select one: a. Yes, the best hockey players today are better off than Bobby Orr was in 1980 because they earn much more. b. No, because prices have also risen. c. It cannot be determined because one cannot make judgments about changes in the standard of living based on changes in prices and changes in incomes. d. It cannot be determined without additional information regarding increases in prices since 1980