Download 30 : 2/ What were Keynes`s three conjectures about the consumption

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What were Keynes’s three conjectures about the consumption function?
You are given the following information about the economy of Zeeland: Autonomous
consumption expenditure is $100 billion, and the marginal propensity to consume is 0.9.
Investment is $460 billion, government purchase of goods and services are $400 billion, and
net taxes are a constant $400 billion – they do not vary with income.
(1)What is the consumption function?
(2)What is the equation that describes the aggregate expenditure curve?
(3)Calculate equilibrium expenditure.
.
(a) MPC1
(b) APC1
(c) MPC+APC1
(d) APC+APS=1
2. If income increases from $3,000 million to $3,200 million and consumption increases by
$140 million, then the marginal propensity to save is
(a) 0.14
(b) 0.70
(c) 0.30
(d) 0.60
(e) impossible to determine.
有什麼比不敢搖晃樹幹，
有什麼比不敢搖晃樹幹，而 錯 過 果 實 更 教 人 看 不起 自 己
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3. If net taxes are one fourth (1/4) of real GDP and the marginal propensity to consume out of
disposable income is 0.8, then the marginal propensity to consume out of real GDP is
(a) 0.2
(b) 0.4
(c) 0.6
(d) 0.8
Figure below describes the relationship between aggregate consumption expenditure and
(billions of constant dollars per year)
Expenditures
disposable income for a model economy.
45°
600
consumption
500
400
a
300
c
200
b
100
0
100
300
500
700
900
Disposable income
(billions of constant dollars per year)
4. In Fig. consumption and disposable income are equal at
(a) any point along the consumption function.
(b) a saving level of $40 billion and income of $540 billion.
(c) an income level of $500 billion.
(d) an income level of $600 billion.
5. In Fig. when disposable income is equal to $500 billion, consumption equals
(a) zero
(b) $50 billion
(c) $450 billion
(d) $500 billion
有什麼比不敢搖晃樹幹，
有什麼比不敢搖晃樹幹，而 錯 過 果 實 更 教 人 看 不起 自 己
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6. The consumption schedule relates
(a) consumption to the level of disposable income.
(b) Saving to the level of disposable income.
(c) disposable income to national income.
(d) consumption to saving.
7. Suppose in a graph with saving on the vertical axis and GNP on the horizontal axis, the
saving schedule intersects the vertical axis at minus 100 and intersects the horizontal axis at
500. In this case, the MPS equals
(a) minus 100
8. (b) 100
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(b) 2500 D
(c) 1666.66 D
(d) 600 D
10. If current income includes a negative transitory component, relating consumption to current
income will produce
(a) an average propensity to consume that is lower than the long run average
propensity to consume.
有什麼比不敢搖晃樹幹，
有什麼比不敢搖晃樹幹，而 錯 過 果 實 更 教 人 看 不起 自 己
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(b) an average propensity to consume that is higher than the long run average
propensity to consume.
(c) an average propensity to consume that equals the long run average propensity to
consume.
(d) none of the above.
有什麼比不敢搖晃樹幹，
有什麼比不敢搖晃樹幹，而 錯 過 果 實 更 教 人 看 不起 自 己
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(100)
I
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3
K
1.
(1)
= L M N O P < = Q R O P < = S R
∂C
= MPC = b \ ] X Y B C S ^ _ ∂Yd
(2)
<
(3) ` c = a + bYd APC =
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Yd Yd
Yd
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b
2.
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<
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c
d
8
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(1) C = −260 + 0.9Y (2) E = 600 + 0.9Y (3) 6000
(1) C = a + bYd = 100 + 0.9(Y − 400) = −260 + 0.9Y
(2) AD = E = C + I + G = −260 + 0.9Y + 460 + 400 = 600 + 0.9Y
(3) Y = E = C + I + G = 600 + 0.9Y
0.1Y = 600 Y* = 6000 = E *
E* = 600 + 0.9 × 6000 = 6000 1. (a)
Keynes (1) C Yd g
4 ef
h
(2) MPC1
(3) MPCAPC
∂MPC
(4)
<0
∂Yd
2. (c)
∆Y=3200−3000=200
∆C=140
∴ MPC =
∆C 140
=
= 0.7
∆Y 200
i 1=MPS+MPC
aMPS=0.3
有什麼比不敢搖晃樹幹，
有什麼比不敢搖晃樹幹，而 錯 過 果 實 更 教 人 看 不起 自 己
-5-
( )
3. (c)
∆C
∆C
=
=
∆Yd ∆(Y − T)
(100)
∆C
∆C
=
= 0.8
1
3
∆( Y − Y)
∆Y
4
4
∆C
3
= 0.8 × = 0.6
∆Y
4
∴
4. (c)
(b)∵ Yd − C = S = −100 + 0.2Yd
∴ Yd = C j S = 0
5. (d)
6. (a)k(b)k(c)k(d)
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7. (d)
Saving
S
0
500
GNP
−100
S=−a+(1−b)Yd (u T=0)
=−a+(1−b)Y
有什麼比不敢搖晃樹幹，
有什麼比不敢搖晃樹幹，而 錯 過 果 實 更 教 人 看 不起 自 己
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( )
(100)
=−100+(1−b)Y
S=0，Y=500，1−b=0.2
MPS=0.2
8. (a)
v
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AD
Y1
Y
9. (b)
Y = C+I+G
= a + 0.8(Y − T − 0.25Y) + I + G
Y* =
a − 0.8T + I + G
0. 4
dY
1
=
= 2.5
dG 0.4
∆G = 1000 × 2.5 = 2500
10. (a)
有什麼比不敢搖晃樹幹，
有什麼比不敢搖晃樹幹，而 錯 過 果 實 更 教 人 看 不起 自 己
-7-