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What is the main focus of microeconomics?
What is the main focus of microeconomics?
What percentage of GDP does consumption take?
What percentage of GDP does consumption take?
In the IS-LM Model, what is considered a source of shocks to the economy?
In the IS-LM Model, what is considered a source of shocks to the economy?
Who was central to the theory of economic fluctuations related to the consumption function?
Who was central to the theory of economic fluctuations related to the consumption function?
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What determines aggregate consumption according to the text?
What determines aggregate consumption according to the text?
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What determines how much of their income households decide to consume today and how much to save for the future?
What determines how much of their income households decide to consume today and how much to save for the future?
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What did Keynes conjecture about the marginal propensity to consume (MPC)?
What did Keynes conjecture about the marginal propensity to consume (MPC)?
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What did Keynes believe about saving and its relationship to income?
What did Keynes believe about saving and its relationship to income?
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What is the primary determinant of consumption according to Keynes?
What is the primary determinant of consumption according to Keynes?
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What is the average propensity to consume (APC) as defined in the context?
What is the average propensity to consume (APC) as defined in the context?
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What does the Keynesian consumption function graphically represent?
What does the Keynesian consumption function graphically represent?
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What property is satisfied because the marginal propensity to consume (MPC) is between zero and one?
What property is satisfied because the marginal propensity to consume (MPC) is between zero and one?
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Why did Keynes believe that saving was a luxury?
Why did Keynes believe that saving was a luxury?
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What determines the slope of the consumption function?
What determines the slope of the consumption function?
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What does the average propensity to consume (APC) do as disposable income (Y) rises?
What does the average propensity to consume (APC) do as disposable income (Y) rises?
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Mathematics is a language of symbols, grammar and logic, which greatly facilitates the process of deduction or it is a language whose elements consists of symbols ( letters, numbers, etc.). Mathematical economics is an approach to economic analysis, in which the economist makes use of mathematical symbols in the statement of the problem and draws upon known mathematical theorems to aid in reasoning. There are two types of logical reasoning. These are ______ & inductive method.
Mathematics is a language of symbols, grammar and logic, which greatly facilitates the process of deduction or it is a language whose elements consists of symbols ( letters, numbers, etc.). Mathematical economics is an approach to economic analysis, in which the economist makes use of mathematical symbols in the statement of the problem and draws upon known mathematical theorems to aid in reasoning. There are two types of logical reasoning. These are ______ & inductive method.
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Deductive method: is also known as ______ method. It is a logical reasoning to explain specific events on the basis of the already established theory.
Deductive method: is also known as ______ method. It is a logical reasoning to explain specific events on the basis of the already established theory.
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Inductive method: is a logical way of reasoning to arrive at a valid general statements on the basis of valid specific facts. However, mathematical economics uses ______ reasoning in order to analyze problems/events.
Inductive method: is a logical way of reasoning to arrive at a valid general statements on the basis of valid specific facts. However, mathematical economics uses ______ reasoning in order to analyze problems/events.
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Mathematical economics is reserved to describe cases employing mathematical techniques beyond simple geometry, such as matrix algebra, differential & integral calculus, differential equations, ______ equations etc.
Mathematical economics is reserved to describe cases employing mathematical techniques beyond simple geometry, such as matrix algebra, differential & integral calculus, differential equations, ______ equations etc.
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In the IS-LM Model, what is considered a source of shocks to the economy? ______ method:
In the IS-LM Model, what is considered a source of shocks to the economy? ______ method:
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Differential equation is an equation, in which the pattern of change of the dependent variable due to change in independent variable is described by ________ in the context of continuous time.
Differential equation is an equation, in which the pattern of change of the dependent variable due to change in independent variable is described by ________ in the context of continuous time.
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Difference equation is an equation, in which the pattern of change of the dependent variable due to change in independent variable is described by differences in ________ time context.
Difference equation is an equation, in which the pattern of change of the dependent variable due to change in independent variable is described by differences in ________ time context.
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The language used in mathematical economics is more ________ & precise.
The language used in mathematical economics is more ________ & precise.
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Mathematical model will usually consist of a set of ________ designated to describe the structure of the model by relating a number of variables to one another in a certain ways.
Mathematical model will usually consist of a set of ________ designated to describe the structure of the model by relating a number of variables to one another in a certain ways.
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Variables frequently used in economics include; price, revenue, cost, profit, national income, consumption, investment, imports, exports etc. Endogenous variables are variables that can be under the control of the decision maker. Exogenous variables are variables that cannot be under the control of the decision maker. A ________ is something whose magnitude can change.
Variables frequently used in economics include; price, revenue, cost, profit, national income, consumption, investment, imports, exports etc. Endogenous variables are variables that can be under the control of the decision maker. Exogenous variables are variables that cannot be under the control of the decision maker. A ________ is something whose magnitude can change.
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