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- Your average propensity to consume is the percentage of each dollar of income, on the average, that is spent for current needs rather than savings. True FalseIn the AD/AS model with an upward sloping SRAS curve, if autonomous net exports decreases by $75 billion and the marginal propensity to consume (MPC) is 0.75, then there is a(n) V [Select] in [Select] by [Select] billion.If real GDP is not close to potential GDP then_ then and if real GDP is close to or at potential GDP equilibrium occurs in the steep range of AS; equilibrium occurs in the flat range of AS equilibrium occurs in the steep range of AD; equilibrium occurs in the flat range of AD equilibrium occurs in the flat range of AS; equilibrium occurs in the steep range of AS
- Describe reasons why the SRAS and/or LRAS may shift left or shift right. Holding AD constant, how would these actions tend to change the equilibrium price level and real GDP produced? (11.3)TRUE/FALSE If aggregate expenditures exceed aggregate income then inventories will rise and firms will eventually lay off workers.If aggregate demand is increased by 4500 and MPC is 0.75, what is the increase in Y?
- At equilibrium level, the Ex ante savings and Ex ante investment are equal True/FalseUpon the 'multiplier effect' in the Keynes effective demand model, if the investment (I) is increased by 10 trillion yen, how much would the GDP (output) be increased additionally? Assume that the propensity to consume is 0.6 and the other exogenous factors remain unchanged.All else the same, if individuals decrease their consumption spending then GDP will grow more slowly. True False
- Precisely how do the APC and the MPC differ?Suppose that the recent economic outlook in the country of Mountainia has been the opposite. Businesses have postponed planned investments and have begun to accumulate cash. If businesses in Mountainia postpone $12 billion of their planned investments, what would be the maximum expected change in GDP if its marginal propensity to save (MPS) is 0.05? $ billionDiscuss how the AD/AS model can explain economic growth, recessions, as well as changes in unemployment and inflationary pressures. (11.5)