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1. Key concepts and terms Select the correct type of economist for each of the following views. View A continuing depression is impossible because markets eliminate persistent shortages or surpluses. Demand creates its own supply. The economy is self-regulating and will correct itself without government interference. Select the correct term for each of the following definitions. Definition The change in consumption resulting from a given change in real disposable income The curve that shows the amount businesses spend for investment goods at different possible rates of interest Economist Type ▼ Term Keynesian/Classical Keynesian/Classical ✓ Keynesian/Classical Autonomous consumption/Marginal propensity to consume/Consumption function ▼ Investment demand curve/Consumption function/Marginal propensity to consume

1. Key concepts and terms Select the correct type of economist for each of the following views. View A continuing depression is impossible because markets eliminate persistent shortages or surpluses. Demand creates its own supply. The economy is self-regulating and will correct itself without government interference. Select the correct term for each of the following definitions. Definition The change in consumption resulting from a given change in real disposable income The curve that shows the amount businesses spend for investment goods at different possible rates of interest Economist Type ▼ Term Keynesian/Classical Keynesian/Classical ✓ Keynesian/Classical Autonomous consumption/Marginal propensity to consume/Consumption function ▼ Investment demand curve/Consumption function/Marginal propensity to consume

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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1. Key concepts and terms Select the correct type of economist for each of the following views. View A continuing depression is impossible because markets eliminate persistent shortages or surpluses. Demand creates its own supply. The economy is self-regulating and will correct itself without government interference. Select the correct term for each of the following definitions. Definition The change in consumption resulting from given change in real disposable income The curve that shows the amount businesses spend for investment goods at different possible rates of interest The change in saving resulting from a given change in real disposable income Spending that does not vary with the current level of disposable income Economist Type Term Keynesian/Classical Keynesian/Classical Keynesian/Classical Autonomous consumption/Marginal propensity to consume/Consumption function Investment demand curve/Consumption function/Marginal propensity to consume Marginal propensity to consume/Saving/Autonomous expenditure Autonomous expenditure/ Marginal propensity to save/ Dissaving
Transcribed Image Text:1. Key concepts and terms Select the correct type of economist for each of the following views. View A continuing depression is impossible because markets eliminate persistent shortages or surpluses. Demand creates its own supply. The economy is self-regulating and will correct itself without government interference. Select the correct term for each of the following definitions. Definition The change in consumption resulting from given change in real disposable income The curve that shows the amount businesses spend for investment goods at different possible rates of interest The change in saving resulting from a given change in real disposable income Spending that does not vary with the current level of disposable income Economist Type Term Keynesian/Classical Keynesian/Classical Keynesian/Classical Autonomous consumption/Marginal propensity to consume/Consumption function Investment demand curve/Consumption function/Marginal propensity to consume Marginal propensity to consume/Saving/Autonomous expenditure Autonomous expenditure/ Marginal propensity to save/ Dissaving
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**Definitions and Terms in Economics** 1. **Definition**: The change in consumption resulting from a given change in real disposable income - **Term**: - Autonomous consumption - Marginal propensity to consume - Consumption function 2. **Definition**: The curve that shows the amount businesses spend for investment goods at different possible rates of interest - **Term**: - Investment demand curve - Consumption function - Marginal propensity to consume 3. **Definition**: The change in saving resulting from a given change in real disposable income - **Term**: - Marginal propensity to consume - Saving - Autonomous expenditure 4. **Definition**: Spending that does not vary with the current level of disposable income - **Term**: - Autonomous expenditure - Marginal propensity to save - Dissaving
Transcribed Image Text:**Definitions and Terms in Economics** 1. **Definition**: The change in consumption resulting from a given change in real disposable income - **Term**: - Autonomous consumption - Marginal propensity to consume - Consumption function 2. **Definition**: The curve that shows the amount businesses spend for investment goods at different possible rates of interest - **Term**: - Investment demand curve - Consumption function - Marginal propensity to consume 3. **Definition**: The change in saving resulting from a given change in real disposable income - **Term**: - Marginal propensity to consume - Saving - Autonomous expenditure 4. **Definition**: Spending that does not vary with the current level of disposable income - **Term**: - Autonomous expenditure - Marginal propensity to save - Dissaving
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