Intertemporal choice theory is more consistent with ________
A) Keynesian theory than the permanent income hypothesis of Friedman
B) the permanent income hypothesis than Keynesian theory
C) Keynesian theory than the life-cycle hypothesis
D) Keynesian theory than the Gini coefficient theory
B
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A measure that allows us to compare the prices of consumer goods and services in the year 2000 that a household typically purchases to the prices of those goods and services the household purchased in the base year 1997 is
a. the GDP deflator b. the consumer price index c. the price level d. inflation e. the base measure
The consumer basket used calculating the CPI depends on the goods and services selected in the base year. Suppose in 2000 we used 1952 as a base year. It would be less representative of the goods and services we buy in 2000 because the only good included in the CPI would be
a. personal computers b. CDs c. VCRs d. roller blades e. bread