If the marginal propensity to consume is equal to 0.70 and income rises by $20 billion in an economy, then consumption spending will increase by _____

Fill in the blank(s) with the appropriate word(s).


$14 billion.

Economics

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An economy has two workers, Jen and Rich. Every day they work, Jen can produce 2 TVs or 10 radios, and Rich can produce 4 TVs or 12 radios. To maximize total output, Jen should specialize in producing ________ while Rich should specialize in producing ________.

A. TVs; radios B. radios; TVs C. TVs; TVs D. radios; both goods

Economics

Marginal land can be defined as land that earns neither profits nor losses.

Answer the following statement true (T) or false (F)

Economics

?Scenario: You are a U.S. taxpayer who had taxable income of? $200,000 in 2017. You paid? $49,400 in individual income? taxes, and you paid 33 cents of the last dollar you earned as individual income tax. Your marginal tax rate is? ________

A. 33 percent B. 0 percent C. 49.4 percent D. 24.7 percent

Economics

Which of the following happens when Henry Hyde pays for the bond by writing a check from his checking account at the Jekyll Bank?

A) Jekyll Bank's checkable deposits decreases by $50,000 and its reserves decreases by $45,000. B) Jekyll Bank's checkable deposits decreases by $45,000 and its reserves decreases by $50,000. C) Jekyll Bank's checkable deposits and reserves decrease by $50,000 each. D) Jekyll Bank's checkable deposits and reserves increase by $45,000 each.

Economics