ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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- K Refer to the above figure. Autonomous consumption is OA only a point A OB to the night of point B OC only at point B OD to the left of pont B Planned Consumption Consumption function Meal Disposable Incomearrow_forwardThe aggregate expenditure curve shows the relationship between aggregate planned expenditure and Select one: A. consumption expenditure. O B. real GDP. C. the price level. D. the interest rate. O E. disposable income.arrow_forwardBelow is some data for a hypothetical economy: C=0.56YX=50-0.06Y T = 50+ 0.3Y 1 = 60 G=240 Refer to the information above to answer this question. What is the value of MPE? O a. 0.3 O b. 0.4 O c. 0.5 O d. 0.56arrow_forward
- You Answered Suppose that the economy is made up of a single firm, which pays $300rin interest payments, pays $300 in its labour costs, and pays $2,000 in rental costs for its building. The rest of its revenues are paid out to the owners of this firm. Correct Answer This firm also produces $10,000 of its final product, selling $7,000 to domestic consumers, keeping $2,000 to replenish its inventories, and selling the rest abroad. In this little economy, using the Income Approach, what is the total amount of Business Profits? Note: Round your answers to two decimal places. 8,700 9.400 margin of error +/-0.1arrow_forwardIf Michelle's income is reduced to zero after she loses her job, her consumption will be and her saving will be O greater than zero; greater than zero O less than zero; greater than zero O greater than zero; less than zero O less than zero; less than zeroarrow_forward2. The circular-flow model The following diagram presents a circular-flow model of a simple economy. The outer set of arrows (shown in green) shows the flow of dollars, and the inner set of arrows (shown in red) shows the corresponding flow of inputs and outputs. Based on this model, households earn income when purchase in factor markets. Suppose Maria earns $775 per week working as a doctor for the Medical Clinic. She uses $8 to have breakfast at Dinah's Diner. Dinah's Diner pays Kevin $475 per week to work as a short-order cook. Kevin uses $250 to purchase medical services from the Medical Clinic. Identify whether each of the following events in this scenario occurs in the factor market or the product market. Event Factor Market Product Market Kevin spends $250 to purchase medical services from the Medical Clinic. Maria spends $8 to have breakfast. Kevin earns $475 per week working for Dinah's Diner.…arrow_forward
- 8. The individual's budget line (in the neo-classical consumption - leisure choice model) switches from BL₁ to BL2. What change(s) could have caused this? C BL₁ BL 2 a decrease in the wage only. T l O an increase in the wage only. O an increase in non-labor income only. O an increase in both the wage and non-labor income. O a decrease in the wage, but an increase in non-labor income.arrow_forwardSuppose that an economy consists of only two individuals. Jeremy has $1150 available to spend on goods. He decides to purchase $750 worth of produce from Michele in the current month. No other economic activity takes place during the current month. Using this information, answer the questions. For the current month, what is the economy's income? $ For the current month, what is the economy's expenditure? $ In an economy, how are income and expenditure related? O Income is less than expenditure. Income is greater than expenditure. They are unrelated. O They are equal.arrow_forwardWhich of the following is an injection in the circular flow of income? O Investment O Taxes Imports O Consumption 35arrow_forward
- Suppose two successive levels of disposable personal income are $13.8 and $18.8 billion, respectively, and the change in consumption spending between these two levels of disposable personal income is $3.65 billion, then the MPS will be equal to O 0.25 O 0.27 O 0.35 O 0.65 O 0.73arrow_forwardAll of the following are components of aggregate expenditure except Select one: O real GDP a. actual government purchases O b. net export O c. planned investment 45 The largest source of government revenues is.arrow_forward
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