The Japanese government decides to stimulate the economy by increasing direct spending by $70 billion. If the final change in real GDP is $280 billion, what is Japanese consumers' marginal propensity to consume (MPC)? Please round your answer to two decimal places.
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- Describe the multiplier effect and its effects on the economy of a tourism destination. Use your own words and povide at least two examples.The following graph shows the short-run aggregate supply curve (AS), the aggregate demand curve (AD), and the long-run aggregate supply curve ( LRAS) for a hypothetical economy. Initially, the expected price level is equal to the actual price level, and the economy is in long-run equilibrium at its natural level of output, $110 billion. Suppose a bout of severe weather drives up agricultural costs, increases the costs of transporting goods and services, and increases the costs of producing goods and services in this economy. Use the graph to help you answer the questions about the short-run and long-run effects of the increase in production costs that follow. Hint: For simplicity, ignore any possible impact of the severe weather on the natural level of output. 130 LRAS 125 AS AD 120 115 AS 110 LRAS 105 100 AD 95 90 90 95 100 105 110 115 120 125 130 OUTPUT (Billions of dollars) The short-run economic outcome resulting from the increase in production costs is known as PRICE LEVELIf the supply of petroleum were reduced by petroleum firms due to rising inventories, we can expect what?
- Monica's current income went up from $100.000 to $105,000 and she increased her current consumption by $2100. What is her marginal propensity to consume?An increase in consumer spending causes the ["", ""] curve to shift to the ["", ""] .Question 3 of 16 Income and consumption changes for five people are shown in the table. Given this information, rank the marginal propensities to consume (MPC) for the five people from largest to smallest. Largest MPC Smallest MPC Answer Bank Bert Doug Eli Carter Al Name Income change Consumption change Al +$5,000+$5,000 +$3,000+$3,000 Bert +$2,500+$2,500 +$800+$800 Carter +$1,000+$1,000 +$800+$800 Doug −$2,500−$2,500 −$1,750−$1,750 Eli −$5,000−$5,000 −$2,000−$2,000
- 14. The economy is experiencing a $225 million inflationary gap. If the government 02 decided to solve this macroeconomic disequilibrium using a change in taxes, would you recommend an increase or decrease in taxes? If the MPC=0.9, what magnitude of tax change would be appropriate?RM3. Quantity demanded is Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a the willingness to pay for the marginal unit. b the amount that an individual demands at a particular price level. c always combined with price levels. d all of the above are correct Which of the following would be most likely to increase consumption spending? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a A reduction in consumer credit card debt b A drop in stock prices c A higher interest rate d The expectation of lower future pricesIncome and consumption changes for five people are shown in the table. Given this information, rank the marginal propensities to consume (MPC) for the five people from largest to smallest. Largest MPC to Smallest MPC Answer Bank Colin Barry Al Dan Ernest Name Income change Consumption change Al +$10,000+$10,000 +$6,000+$6,000 Barry +$5,000+$5,000 +$1,600+$1,600 Colin +$2,000+$2,000 +$1,600+$1,600 Dan −$5,000−$5,000 −$3,500−$3,500 Ernest −$10,000−$10,000 −$4,000−$4,000
- Imagine there is a consumption smoother (also known as a PIH consumer) who expectsto live for another 40 years and to work for another 30 years. They just learned thatthey will receive a permanent pay increase from their job of $800. How much extra dothey consume this year? What is their marginal propensity to consume?You are an economic advisor to the government. Discuss your opinion . a) How COVID-19 pandemic will affect the consumption behavior as well as the investment done by the firms and household for the next two years? b) What are the actions or policies that the government can implement to face this situation? please answers with analysis and --graph (if possible)We found that for every $1 increase in G there is a multiplied impact on output with, in the most 1 basic model, a multiplier of A study by economists at the New York Fed conducted 1- MPC during the COVID-19 recession found that "as of the end of June 2020, a relatively small share of stimulus payments-ljust] 29 percent-was used for consumption." What is the G multiplier based on that estimated MPC and the formula from the basic model?