If Y = $500 billion, autonomous consumption = $300 billion, and the marginal propensity to save = 0.20, then saving will equal

Suppose the MPC is 0.9 . If autonomous consumption spending increases by $20 billion, equilibrium output will

a. increase by $22.2 billion b. increase by $200 billion c. not change because the MPC only changes consumption when income changes d. not change because the expenditures multiplier only applies to changes in investment spending and government purchases e. increase by $18 billion

When economists describe "a market," they mean:

a. A hypothetical place where the production of goods and services takes place b. Information networks that allow individuals to keep in touch with each other c. A mechanism which coordinates actions of consumers and producers to establish equilibrium prices and quantities d. A place where stocks and bonds are traded