1. The marginal propensity to consume is defined as:
Î"Yd/Î"S + Î"Yd/Î"S = 1
2. Over time Americans have chosen to cook less at home and dine out more. This change in behavior:
does not affect GDP.
none of the above
all of the above
3. The falling phase of a business cycle measured by a decrease in real GDP is called:
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The marginal propensity to consume is clarified in this solution.