The slope of the consumption function is equal to
A) the change in national income divided by the change in consumption.
B) the change in disposable income divided by the change in consumption.
C) the change in consumption divided by the change in personal income.
D) the change in consumption divided by the change in disposable income.
D
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The elasticity of demand for a particular perfectly competitive firm's output is positively related to the number of firms supplying the market
Indicate whether the statement is true or false
Higher than expected inflation rate: a. shifts short-run Phillips curve to the right
b. shifts long-run Phillips curve to the right. c. shifts both short-run and long-run Phillips curve to the right. d. shifts short-run Phillips curve to the left.
The above table gives the demand schedule for Billy Bob's BBQ ribs. An increase in the price of a pound of ribs will lead to a decrease in total revenue when
A) demand is inelastic. B) the demand curve is vertical. C) the price increase occurs over the price range of 0 to $5. D) the price increase occurs over the price range of $5 to $10.
In the short run, ________ increases the quantity of labor demanded by the firm
A) a decrease in the price of the firm's output B) an increase in the prices of other factors of production used by the firm C) a technological advance that decreases the marginal product of labor D) a decrease in the wage rate