Keynes suggested that poor people consume a higher percentage of their income than the rich
Indicate whether the statement is true or false
T
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The amount of time it takes for fiscal policy to have an impact on the economy creates:
A. an information lag. B. a formulation lag. C. an implementation lag. D. a direction lag.
Net domestic product
a. represents total wages and salaries in an economy b. equals GDP minus indirect business taxes c. equals GDP minus capital depreciation d. equals C + I + G + (X – M) e. is the value of existing capital stock used up in making goods
Producers are willing to offer greater quantities for sale at higher prices because
What will be an ideal response?
Explain the impact that growth rates have on countries, both rich and poor, over time. Select three countries from Exhibit 3 and calculate to a tenth of a year how many years it will take their economies to double, assuming their growth rates remain constant.
What will be an ideal response?