An expenditure schedule model with no government sector shows the relationship between
a. C and national product.
b. C and disposable income.
c. C + I and national income.
d. GDP and disposable income.
c
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Suppose the government spending multiplier is 2. The federal government cuts spending by $40 billion. What is the change in GDP if the price level is not held constant?
A) a decrease of less than $80 billion B) an increase equal to $80 billion C) an increase of greater than $80 billion D) an increase of less than $80 billion E) a decrease of more than $80 billion
The above figure depicts the Edgeworth box for two individuals, Al and Bruce. Considering only the labeled points, point c is a possible equilibrium
A) only if it is the endowment. B) only if point a is the endowment. C) if either point a or b is the endowment. D) only if point d is the endowment.
Suppose that today, consumers expect the price of bottled water to double in the future. Then today the bottled water's
A. supply curve will shift to the right. B. supply curve will shift to the left. C. demand curve will shift to the right. D. demand curve will shift to the left.
When did the Republic of Korea change its economic policies?
What will be an ideal response?