The effect on short-run equilibrium output of a one-unit increase in autonomous expenditure is called:
A. Okun's law.
B. average labor productivity.
C. the income-expenditure multiplier.
D. the marginal propensity to consume.
Answer: C
Economics
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The figure above shows the market for private elementary school education in Chicago. There is no external cost of private elementary education. If the government does not intervene in this market, the deadweight loss equals
A) 0. B) $800,000. C) $1,600,000. D) more than $1,600,000. E) more than $800,000 and less than $1,600,000.
Economics
A market situation in which a large number of firms produce similar but not identical products is
A) a collusive market structure. B) competitive monopoly. C) a homogeneous market. D) monopolistic competition.
Economics