Which of the following answer choices best describes a consumption expenditure category in the national income accounting?
A. Changes in business inventories
B. Consumer durable goods, consumer nondurable goods, and services
C. Consumer durable goods and consumer nondurable goods, but not services
D. Both new and used consumer goods
Answer: B
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In the figure above, the equilibrium market price is $20. $20 is the
A) marginal cost of the 150th unit. B) willingness to pay for the 1st unit. C) producer surplus. D) consumer surplus. E) deadweight loss.
Which part of the Federal Reserve System meets every 6 weeks to determine the nation's monetary policy?
A) Federal Open Market Committee B) Board of Governors C) the Federal Reserve Banks D) depository institutions such as commercial banks
Suppose a country has a current account surplus and that there is no intervention by finance ministries or central banks. This current account surplus indicates that the country has
A) a deficit in its capital account. B) a surplus in its capital account. C) the official reserve transactions balance is positive. D) the official reserve transactions balance is negative.
A good will tend to be more price elastic if it
a. is a luxury good. b. has no close substitutes. c. is a small part of the household budget. d. is a necessity.