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Why is consumption spending insufficient to explain
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- What is the difference between consumption and autonomous consumption?Which of the following is an example of an investment expenditure? A Steve purchases a new power washer for his gutter cleaning business. B Margaret buys a new home. C A florist installs new energy efficient refrigerators. D All of these are examples of investment spending.Autonomous consumption is: A. the level of consumption when disposable income is more that $40,000 a year B. the level of consumption when disposable income is 0 C. the level of consumption when all disposable income is saved D. the level of consumption when disposable income varies
- The life cycle model of consumption argues that people consume and save in different proportions as they age. Seniors tend to consume more than save as their lives adjust to the realities of old age. Assuming the hypothesis is true, how would the aging of the very large baby boomer generation affect consumption and income?Suppose that real GDP is currently $97 billion peryear and natural real GDP is currently $100 billion. what is the GDPgap?Classify each of the following items as a final good or service or an intermediate good or service, and identify which is a component of consumption expenditure, investment, or government expenditure on goods and services. A. A textbook bought by a student B. A computer purchased for a senator's office C. New cars bought by Hertz, the car rental firm D. Aluminum sheets bought by Boeing 1. A is a final good that is consumption expenditure, B is a final good that is government expenditure, C is a final good that is investment, and D is an intermediate good. 2. A is a final good that is investment, B is an intermediate good, C is a final good that is investment, and D is an intermediate good. 3. A is a final good that is consumption expenditure, B is an intermediate good, C is a final good that is consumption expenditure, and D is a final good that is investment. 4. A is a final good that is consumption expenditure, B is a final good…
- For the y axis, why is it labeled income and not consumption outputIf the population of a country grows and increases both the labor force and the demand for consumption, the GDP of that country is likely to... A. Depends on other factors B. Fall C. Stay Constant D. RiseThe following are exogenous (not directly affected by income): G = 11 I = 4 X = M = 0 The consumption function is: C = k + cY, where k = 3, c = 0.8 What is the equilibrium level of GDP? What is the multiplier?