Q.1.1 A measure used to control the physical level of imports allowed into a country. Q.1.2 Aggregate income of all permanent residents of a country. Q.1.3 A situation where merchandise exports are greater than merchandise imports. Q.1.4 The ratio between the change in income and the change in autonomous spending.
Q.1.1 A measure used to control the physical level of imports allowed into a country. Q.1.2 Aggregate income of all permanent residents of a country. Q.1.3 A situation where merchandise exports are greater than merchandise imports. Q.1.4 The ratio between the change in income and the change in autonomous spending.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Identify the relevant economic concept which can be matched to each of the descriptions bel
Simply give the question number and the relevant terms/words in each case.
Q.1.1
A measure used to control the physical level of imports allowed into a country.
Q.1.2
Aggregate income of all permanent residents of a country.
Q.1.3
A situation where merchandise exports are greater than merchandise imports.
Q.1.4
The ratio between the change in income and the change in autonomous
spending.
Q.1.5
Household spending that is determined by the level of output and income
together with the marginal propensity to consume.
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