The movement of individuals and households from one income quintile to another over time is called:
A. income averaging.
B. wealth turnover.
C. income mobility.
D. the ratchet effect.
Answer: C
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Using real GDP to compare the level of economic well-being in two countries may be misleading because the value of ________ contributes to economic well-being, but is excluded from real GDP.
A. services B. capital goods C. formal education D. leisure
If a firm's MRP of capital = MFC, the firm
a. is at its profit-maximizing use of loanable funds b. should decrease its quantity demanded of loanable funds c. should increase its quantity demanded of loanable funds d. should hire more labor e. should raise the interest rate
Long-run economic growth policies focus on:
A. Shifting the aggregate demand curve to the left. B. Moving the economy along the production possibilities curve. C. Shifting the production possibilities curve outward. D. Moving the economy onto the production possibilities curve.
One reason economists have begun focusing on the Personal Consumption Expenditure measure for inflation is that the PCE deflator:
A. allows for a changing basket of goods. B. weights food more because food is a rising percent of expenditures. C. includes the price of assets such as stock portfolios. D. takes the exchange rate value of the dollar into account.