A quintile, sometimes used to measure wealth inequality, represents one-fourth of households.
Answer the following statement true (T) or false (F)
False
A quintile represents one-fifth, or 20 percent, of households.
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If individuals have money illusion then they
A) think that money is worthless. B) ignore the effects on their income or wealth of some price changes in the economy. C) they base their production and consumption decisions on relative rather than absolute prices. D) Both B and C.
Which of the following would be counted in the calculation of GDP?
a. the sale of a rare, old coin to a coin collector b. the damage to a house caused by a hurricane c. the brokerage commission from the sale of 100 shares of Microsoft stock d. the sale of cocaine in the black market
Interest payments on the national debt are projected to be about ____% by 2046.
Fill in the blank(s) with the appropriate word(s).
Use the graph below to explain the determination of equilibrium GDP by the aggregate expenditures-domestic output approach. At equilibrium C + Ig = Real GDP ($550 + $50 = $600). Why does the intersection of the aggregate expenditures schedule and the 45-degree line determine the equilibrium GDP?
