The consumption schedule for a country is shown on the diagram below. Suppose there is an upcoming election in this country. What willhappen to the consumption schedule if the results of the election make the general population feel more optimistic about the country'seconomic prospects?Consumption scheduleConsumption (billions of dollars)45*Real GDP (billions of dollars)C₁ a. An increase the real GDP and a movement on the consumption schedule from a to b.Ob. No effect on the location of the consumption schedule.OC. A shift in the consumption schedule up to C1.Od. A shift in the consumption schedule down to C2.

The term GDP represents gross domestic product. The total monetary or market value of all finished…

The consumption schedule for a country is shown on the diagram below. Suppose there is an upcoming election in this country. We happen to the consumption schedule if the results of the election make the general population feel more optimistic about the coum economic prospects? Consumption schedule mption (billions of dollars) 45* C₂₁

The consumption schedule for a country is shown on the diagram below. Suppose there is an upcoming election in this country. We happen to the consumption schedule if the results of the election make the general population feel more optimistic about the coum economic prospects? Consumption schedule mption (billions of dollars) 45* C₂₁

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

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Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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Question

The consumption schedule for a country is shown on the diagram below. Suppose there is an upcoming election in this country. What will
happen to the consumption schedule if the results of the election make the general population feel more optimistic about the country's
economic prospects?
Consumption schedule
Consumption (billions of dollars)
45*
Real GDP (billions of dollars)
C₁

a. An increase the real GDP and a movement on the consumption schedule from a to b.
Ob. No effect on the location of the consumption schedule.
OC. A shift in the consumption schedule up to C1.
Od. A shift in the consumption schedule down to C2.

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