Nominal personal consumption expenditures in the United States were $1760.4 billion in 1980 and rose to $3839.3 billion in 1990. The price index for personal consumption expenditures was 58.5 for 1980 and 92.9 for 1990, where 1992 was the base year
Calculate the percent change in real personal consumption expenditures (rounded to the nearest percentage point) in the decade. A) 37%
B) 59%
C) 118%
D) 137%
A
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Which of the following is accounted for when we measure economic growth in terms of per capita real GDP?
a. Changes in the quality of life b. Changes in income distribution c. Changes in standards of living d. Changes in price level e. People's nonmonetary needs
Suppose the Fed announces an increase in the proportion of deposits that a bank is legally required to hold in reserve or on deposit with the Fed. This will: a. reduce the money supply in the economy
b. increase the amount of excess reserves of commercial banks. c. decrease the reserve requirements of commercial banks. d. result in an increase in the money supply in an economy.
Consumers receive more consumers' surplus when tariffs exist than when they do not exist
Indicate whether the statement is true or false
Why does excessive fishing occur?
a) Fishermen are concerned about the population dynamics of fish biomass, not current harvest rates. b) Fishermen have other marketable skills and do not fear exploitation of fish reserves. c) Each individual fisherman has little incentive to maintain the species for the next year. d) Fishermen rely on government managers to worry about fish populations.