The Personal Consumption Expenditure Index (PCE) is a
A. price index measuring the changes in prices of all new goods and services produced in the economy.
B. statistical measure of a weighted average of prices of commodities that firms produce and sell.
C. statistical measure of average prices using annually updated weights based on surveys of consumer spending.
D. statistical measure of a weighted average of prices of a specific set of goods and services purchased by wage earners in urban areas.
Answer: C
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In the year 2010, the richest fifth of the American population earned close to:
a. 50% of the total income. b. 20% of the total income. c. 30% of the total income. d. 80% of the total income.
Ask your grandparents about their first love and they would probably remember it well. Ask about the second, and it would probably draw a blank. Think in terms of utility analysis and their responses come as no surprise because what they remember or don't remember, even about love, reflects the
a. same idea that is associated with the water and diamond paradox b. law of maximizing utility c. law of diminishing marginal utility d. idea that utility is very durable over time e. fact that total utility must be declining
A central bank's purchase of securities made by writing checks on itself will:
A. have no impact at all on the balance sheet. B. only change the composition of its assets. C. decrease the size of its balance sheet. D. increase the size of their balance sheet.
The part of the balance of payments that records purchases of assets a country has made abroad and foreign purchases of assets in the country is the
A) capital account. B) current account. C) financial account. D) statistical discrepancy account.