The change in consumption divided by a change in disposable income is defined as:
a. the marginal propensity to consume.
b. autonomous consumption.
c. the consumption function.
d. Keynes' absolute disposable income hypothesis.
e. transitory consumption.
a
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Entry and exit continue in monopolistic competition until the remaining firms are
A) earning an economic profit. B) incurring an economic loss. C) earning less than a normal profit. D) earning zero economic profit. E) producing the normal amount of product differentiation.
If a job pays a wage of $50 per hour, but has a non-wage cost valued at $20 per hour, the net benefit of taking the job equals:
A) $2.5 per hour. B) $20 per hour. C) $30 per hour. D) $70 per hour.
The speculative demand for money is associated with ___________ and, graphed with interest rate on the vertical axis and money on the horizontal, is ___________
a. classical economics; upward sloping b. classical economics; downward sloping c. monetarists; downward sloping d. Keynesian economics; downward sloping e. Keynesian economics; upward sloping
All of these countries are similar in their labor union membership as a percentage of their labor force, except
A. United States B. Germany C. Sweden D. Australia