Business, 29.11.2019 00:31 my7butterflies

Consider a hypothetical closed economy in which households spend $0.70 of each additional dollar they earn and save the remaining $0.30. the marginal propensity to consume (mpc) for this economy is , and the multiplier for this economy is . suppose the government in this economy decides to decrease government purchases by $300 billion. the decrease in government purchases will lead to a decrease in income, generating an initial change in consumption equal to . this decreases income yet again, causing a second change in consumption equal to . the total change in demand resulting from the initial change in government spending is .

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Consider a hypothetical closed economy in which households spend $0.70 of each additional dollar the...

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