The change in consumption divided by a change in income is defined as:
a. the marginal propensity to consume.
b. autonomous consumption.
c. the consumption function.
d. Keynes' absolute income hypothesis.
e. transitory consumption.
a
Economics
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How would you describe an economy that uses its resources to make the greatest possible number of goods and services?
a) efficient b) using opportunity costs well c) globally aware d) underutilized
Economics
Peg's Manicure Manor did 4,000 sets of nails in 2015 and 4,500 sets of nails in 2016. The price of a set of nails was $20 in 2015 and $22 in 2016. If 2015 is the base year, Peg's contribution to nominal GDP in 2015 was ________ and in 2016 was ________.
A. $80,000; $99,000 B. $88,000; $90,000 C. $80,000; $90,000 D. $80,000; $88,000
Economics