The COVID-19 Pandemic is a thing of the past and consumer income has increased. As a result we can expect consumption spending to [Select ] We can expect spending on imported goods to [ Select] and therefore the value of net export spending will [Select]

The COVID-19 Pandemic is a thing of the past and consumer income has increased. As a result we can expect consumption spending to [Select ] We can expect spending on imported goods to [ Select] and therefore the value of net export spending will [Select]

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Inflation and Purchasing Power Theory

In economic terms, Inflation refers to the increase in the costs of various commodities which are used in daily lifestyle like food, clothes, transport, etc. over a specific time. It may lead to a fall in the purchasing power of the people and also affects the exchange rate of the currency because of the price increase. As the purchasing power falls the unit of the currency in the economy falls. When the prices of the commodities are decreased, then the purchasing power of the consumers will rise, then it will lead to deflation and changes the currency of the base economy to that of the foreign economy which will lead to change in exchange rates.

Question

Increase/decrease/remain unchanged

The COVID-19 Pandemic is a thing of the past and consumer income has increased.
As a result we can expect consumption spending to [Select ]
We can expect spending on imported goods to [ Select]
v and
therefore the value of net export spending will [Select]
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Expert Solution

Step 1

Consumption spending is that part of the aggregate demand which represents the acquisition of goods and services by individuals or households.

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