What is the difference between saving and savings?
What will be an ideal response?
Saving is the part of after-tax income that one does not spend. It is a flow variable. Savings is used as a synonym for wealth. It is a stock variable.
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Suppose policy makers want to increase GDP by $450 billion. If the marginal propensity to consume is 0.9, by how much must taxes decrease to achieve this target?
What will be an ideal response?
A contour map illustrates which of the following?
a. the cause-effect relationship between two variables b. the cause-effect relationship between three variables c. the way that three variables are correlated d. the way that one variable affects another, which in turn affects a third variable e. the way that two variables are correlated and in turn cause changes in a third variable