1. What is the relationship between the mpc , the mpc d and the mpw ? 2. Why will the short-run…

1. What is the relationship
between the mpc , the mpc d and the mpw ?

2. Why will the short-run
consumption function be different from the long-run consumption function?

3. Construct a table similar to only
this time assume that the mpcd is 3/4. Show that national income will
increase by _640 million.

4. Assume that the multiplier has
a value of 3. Now assume that the government decides to increase aggregate demand
in an attempt to reduce unemployment. It raises government expenditure by _100 million
with no increase in taxes. Firms, anticipating a rise in their sales, increase

1. What is the relationship
between the mpc , the mpc d and the mpw ?

2. Why will the short-run
consumption function be different from the long-run consumption function?

3. Construct a table similar to only
this time assume that the mpcd is 3/4. Show that national income will
increase by _640 million.

4. Assume that the multiplier has
a value of 3. Now assume that the government decides to increase aggregate demand
in an attempt to reduce unemployment. It raises government expenditure by _100 million
with no increase in taxes. Firms, anticipating a rise in their sales, increase
investment by _200 million, of which _50 million consists of purchases of foreign machinery. How much will
national income rise? (Assume ceteris paribus .)

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