Answer:
1. The increase in savings resulting directly from this change in income is $500
That is
Increase in savings = Increase in income minus increase in consumption
= 2000 - 1500
= $ 500
2.The marginal propensity to save (MPS) is calculated by dividing the change in savings by the change in income.
That is
ΔS/ ΔY,
Therefore given
Change in savings =ΔS =$500
Change in income =ΔY = $2000
MPS = 500/2000
MPS = 0.25
3.The marginal propensity to consume (MPC) is calculated by dividing change in consumption by changes in come.
That is ΔC / ΔY
Where ΔC = 1500
ΔY = 2000
Therefore MPC = 1500/2000
= 0.75
1. The increase in savings resulting directly from this change in income is $
I believe the answers are utility bill and true.
Answer:
The correct answer is "the sum of all monetary transactions involving final goods and services that occur in the economy in a year"
Explanation:
The Gross Domestic Product is divided into nominal GDP and the real GDP.
The Nominal GDP is the sum of all monetary transactions involving final goods and services that occur in the economy in a year.
The Real GDP is the sum of all monetary transactions involving final goods and services that occur in the economy in a year, but adjusted to the inflation. The real DGP can consider changes in price level and can present a more accurate figure of economic growth.
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Answer:
A
Explanation:
When we have more students that enjoy studying history than enjoy studying math and science needed to get a degree in Chemical engineering , this will lead to a large no of history graduates in the labor market making the availability of chemical engineers graduate to be fewer and the demand for it higher.
This in effect cause a higher income for the chemical engineers as they become more of a scarce resources compared to history despite the students spending the same number of years to graduate in the college.