The marginal propensity to consume (mpc)
A. shows the fraction of total national income that is used for consumption
B. added to the marginal propensity to save (mps) always equals zero
C. is the relationship between a change in consumer purchases and the change in disposable income that allows consumption to change
D. declines as disposable income declines, eventually becoming zero as disposable income reaches zero
E. decreases as autonomous saving increases
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In a Keynesian model of income determination, when intended spending is greater than actual output, the adjustment to a new macro-economic equilibrium is based on changes in
A. autonomous consumption
B. unplanned inventories
C. government spending
D. net exports
E. all of the above
Total autonomous spending
A. is dependent on the level of output
B. is only determined by the equation for the consumption function
C. is not part of aggregate demand
D. is independent of the level of income
E. increases when disposable income increases
The rule that tells a central bank how to set interest rates in response to changes in economic activity is known as the
A. federal funds rule
B. interest rate rule
C. monetary growth rule
D. Taylor rule
E. Friedman rule
Which of the following equations most accurately describes the Taylor rule?
A. πt = mt – yt + vt
B. mt = 0.04 + 2(ut – 0.052)
C. mt = πt + 0.5(πt – π*t) + 0.5(Yt –Y*t)
D. it = 2 + πt + 0.5(πt – π*t) + 0.5[100(Yt –Y*t)/Y*t]
E. it = 2 + 0.5[(πt – π*t)/πt] + 0.5[(Yt –Y*t)/Y*t]
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