The most commonly used measure of changes in the cost of living for households
a. real GDP.
b. the CPI.
c. nominal GDP.
d. the GDP deflator.
B
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Regardless of which consumption bundle in her choice set a consumer chooses, she will spend all of her available income.
Answer the following statement true (T) or false (F)
Dwindling resources encourage the development of substitute products
a. True b. False Indicate whether the statement is true or false
Which of the following is NOT correct?
a. Many economist oppose increases in how much people save. b. Saving is an important long-run determinant of a nation's standard of living. c. A change in tax laws that encouraged greater saving would lower interest rates. d. Taxes on interest income can substantially decrease the future value of current saving.
According to the text, the highest 20 percent of U.S. income households earn about what percentage of total income today?
A) 10 percent
B) 20 percent
C) 50 percent
D) 99 percent