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- 1. What is meant by "autonomous consumption"? 2. Explain the consumption puzzle?1. The marginal propensity to consume is:A) the change in consumption divided by the change in income.B) consumption divided by income.C) the change in consumption divided by the change in saving.D) The change in saving divided by the change in income.3 In the definition of marginal propensity to consume, marginal refers to ______.
- 1.The marginal propensity to consume in this economy is 2.The equilibrium level of output in this economy isWhat is the multiplier effect in economics? A. The tendency of consumers to save rather than spend B. The tendency of firms to reduce production during a recession C. The amplification of changes in spending through the economy D. The reduction of government spending to control inflationQUESTION 21 What is the marginal propensity to consume? a. The ratio of the change in consumption to the change in national income O b. The proportion of national income that goes on consumption O c. The additional spending by a consumer when the price of a good falls O d. The additional revenue received by a firm when it attracts a new customer
- 1.3. What is the value of marginal propensity to consume (mpc)? What does it mean?3. Political turbulences and the pandemic affected Hong-Kong's consumer confidence significantly in 2020. Now, that the pandemic is under control in Hong Kong, marginal propensity to consume has increased from 0.5 to 0.7. a. Use the consumption model to assess the effects of an increase in marginal propensity to consume (MPC) on overall consumption. Use the model (math) and the graphs. Explain. b. How it will affect overall aggregate demand and income?What is the marginal propensity to consume in this economy? Planned Government Net Exports Aggregate Change in Real GDP (Y) Consumption (C) Investment (1') Purchases (G) (NX) Expenditures (AE) Inventories 1500 1100 250 1600 1175 100 1700 1250 1800 1900 2000 75 Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a 0.65 0.75 0.85 d. 0.95
- c. What is meant by "autonomous consumption"? d. Explain the consumption puzzle? e. How does the Life-Cycle Hypothesis resolve the puzzle?Macmillan Learning (Table: Consumption and Savings) Based on the table, the marginal propensity to consume is propensity to consume Income Consumption Spending Saving $30,000 $30,000 $0 40,000 35,000 5,000 50,000 40,000 10,000 0.5; varies with the level of income $5,000; is $5,000 $10,000; is $35,000 2; varies with the level of income and the average25 1 Calculate the equilibrium level of investment if you have the following equations: C=0.4Yd+20, national income is 1000, government expenditures is 200, tax is 50 Investment =300 O Investment-D350 O Investment3D400 O Investment3D450 O None of the above O
