The APC can be defined as the fraction of a:
A. change in income that is not spent.
B. change in income that is spent.
C. specific level of total income that is not consumed.
D. specific level of total income that is consumed.
D. specific level of total income that is consumed.
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It's not unusual for strangers driving through a small town to find a gas station more quickly than people driving through a major city center
According to the economic way of thinking, gas stations in city centers appear few and far between because A) big cities are just plain confusing to out-of-towners. B) the real estate space available for gas stations has more valuable alternative uses. C) the opportunity cost of placing additional gas stations in city centers is too low. D) the owner of gas stations would rather have people drive further distances and thereby use more gasoline.
If consumption expenditures are $500 million, net investment is $100 million, depreciation equals $5 million, imports are $50 million, exports are $55 million, government expenditure on goods and services is $220 million, and government transfer
payments are $20 million, then GDP is A) $790 million. B) $800 million. C) $830 million. D) $850 million.