The slope of the aggregate expenditure function is the sum of the:
A) marginal propensity to consume and marginal propensity to save.
B) marginal propensity to consume and marginal propensity to invest.
C) marginal propensity to consume, marginal propensity to save, and marginal propensity to import.
D) marginal propensity to consume, marginal propensity to invest, and marginal propensity to import.
D
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Refer to Figure 4.8. If half of your friends go to the beach and half go to the park, you will receive the highest payoff by
A) going to the park. B) going to the beach. C) You will receive the same payoff whether you choose the beach or the park. D) You cannot determine your highest payoff from the data in the figure.
Long-run economic profits are most likely to be earned in
A) perfect competition and oligopoly. B) perfect competition and monopoly. C) monopoly and oligopoly. D) oligopoly and monopolistic competition. E) perfect competition and monopolistic competition.