-Refer to Figure 5

question 50

Multiple Choice

-Refer to Figure 5.6.Which diagram shows a decrease in income with bread being normal and soup being inferior?

• A) A
• B) B
• C) C
• D) D

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Definitions:

Consumer Expenditure Survey

A statistical survey that collects information on the spending habits, income, and demographic characteristics of consumers.

Consumer Confidence Index

A measure of the overall degree of confidence individuals have in the economic situation and their personal financial situation.

Consumer Price Index

A measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care.

Discretionary Income

The amount of an individual's income left for spending, investing, or saving after taxes and personal necessities (like food and shelter) are taken care of.