Which of the following allows us to determine the value of average consumption spending?
a. leading economic indicators
b. representative household analysis
c. indexing
d. ratio analysis
Answer: b. representative household analysis
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According to your textbook, it is best to view "the market" as
A) a person. B) a place. C) a thing. D) a process of plan coordination among buyers and sellers. E) a highly complicated series of exchanges, which can only be coordinated by the efforts of economists and other experts in government.
If the quantity supplied exceeds the quantity demanded, then there is
A) a shortage and the price is below the equilibrium price. B) a shortage and the price is above the equilibrium price. C) a surplus and the price is below the equilibrium price. D) a surplus and the price is above the equilibrium price.
Can real standards of living go up without any positive economic growth?
From 1991 until 2001, the United States was in a period of
A) business cycle peaks. B) expansion. C) recession. D) business cycle troughs.