A price index is the
A) cost of a market basket of goods today.
B) cost of a market basket of goods and services a year ago expressed as a percentage of the cost of the same market basket today.
C) cost of a market basket of goods and services today expressed as a percentage of the cost of the same market basket during a base year.
D) year that is chosen as the point of reference for comparison of prices in other years.
C
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The statement, "My Hello Kitty Limited Edition Vespa scooter is worth $5,500" represents money's function as a
A) medium of exchange. B) store of value. C) standard of value. D) commodity.
The distribution of income in the United States is
a. more concentrated than the distribution of income in other developed countries throughout the world b. significantly more even than the distribution of income in other developed countries throughout the world c. quite similar to the distribution of income in other developed countries throughout the world d. significantly less even than the distribution of income in most developing countries e. quite similar to the distribution of income in most developing countries