Answer the following statements true (T) or false (F)
1. YFE represents the level of potential GDP in the economy.
2. Real GDP is equal to nominal GDP adjusted for productivity.
3. The marginal propensity to consume is equal to the percent change in consumption with respect
to a change in income.
4. The level of saving in the economy is equal to the level of income times the marginal propensity
to consume.
5. Partial equilibrium refers to the equilibrium level of GDP in the economy.
1. FALSE
2. FALSE
3. TRUE
4. FALSE
5. FALSE
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Indicate whether the statement is true or false
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