Economics 1022A/B Study Guide - Midterm Guide: Demand Curve, Tax Rate, Reserve Requirement

• School: Western University
• Department: Economics
• Course: Economics 1022A/B
• Professor: All

Document Summary

Drinks, food, pencil cases, calculator cases, the plastic wallet holding your student card and cell phones are not allowed. The possession of a cell phone at your desk may be considered an attempt to cheat and will be dealt with accordingly. Further instructions are on the reverse of this page. Sheet you may keep your question paper. Choose the one alternative that best completes the statement or answers the question: complete the following sentence. V1117) a change in consumption, in response to a change in income, is: autonomous consumption, planned consumption, unplanned consumption, equilibrium consumption, induced consumption. The economy shown in the graph does not engage in international trade and has no government. Planned aggregate expenditure equals the sum of consumption expenditure (c) and investment (i). The multiplier for this economy is: 3, 2. 5, 1, 2, 4. The following table shows the relationship between aggregate planned expenditure and real gdp in the hypothetical economy of econoworld.