The consumption schedule shows the relationship of household consumption to the level of:
a. The marginal propensity to consume
b. Disposable income
c. Investment
d. Saving
b. Disposable income
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The velocity of circulation is equal to
A) the price level multiplied by the quantity of money. B) nominal GDP divided by the quantity of money. C) the quantity of money divided by the price level and then multiplied by real GDP. D) the quantity of money divided by nominal GDP. E) the price level divided by real GDP.
If the market demand and the market price for a product increase, then the reaction of companies that manufacture this product
A. will be dependent on the prevailing tax system. B. will be dependent on the government regulatory mission. C. will depend on whether or not the organization is attuned to market incentives. D. will be identical.