As income rises, the share of income spent on food in the United States
A) falls.
B) remains constant at 15 percent.
C) remains constant at 33 percent.
D) rises.
A
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The the government increases the level of government expenditure. If there is no change in the aggregate supply curve, then aggregate demand will ________, real GDP will ________, and the price level will ________
A) increase; remain the same; increase B) remain the same; increase; increase C) increase; increase; increase D) decrease; increase; increase E) decrease; remain the same; decrease
To compute the CPI, the Bureau of Labor Statistics (BLS) compiles a "basket of goods" that ________; each price in the index is weighted by ________
A) are produced in the United States; an expenditure survey B) the average farmer produces; how long it takes for the particular good to reach the market C) the average urban consumer buys; the quantity of the good that goes into the basket D) only members of congress purchase; a "luxury" score E) is typical of consumers below the poverty line; the perceived quality of the good