Determination of Income and Employment
Nagaland Board · Class 12 · Economics
Flashcards for Determination of Income and Employment — Nagaland Board Class 12 Economics. Quick Q&A cards covering key concepts, definitions, and formulas.
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See them allWhat is the difference between ex-ante and ex-post in macroeconomic analysis?
Answer
Ex-ante refers to planned or intended values (what is planned to happen), while ex-post refers to actual or realized values (what actually happened). For example, if a producer plans to add Rs 100 to …
Define consumption function and write its mathematical form.
Answer
Consumption function describes the relationship between consumption and income. It is written as C = C̄ + cY, where C is total consumption, C̄ is autonomous consumption (consumption when income is zer…
What is Marginal Propensity to Consume (MPC)? What are its possible values?
Answer
MPC is the change in consumption per unit change in income. It is denoted by 'c' and equals ΔC/ΔY. MPC can take values between 0 and 1 (inclusive). MPC = 0 means no change in consumption with income c…
If MPC = 0.8, what is MPS? Explain the relationship between MPC and MPS.
Answer
If MPC = 0.8, then MPS = 0.2. The relationship is MPC + MPS = 1, or MPS = 1 - MPC. This is because any change in income is either consumed or saved, so the sum of marginal propensities to consume and …
What is autonomous consumption? Give an example.
Answer
Autonomous consumption (C̄) is the consumption that occurs even when income is zero. It represents basic subsistence needs that must be met regardless of income level. For example, if C = 100 + 0.8Y, …
Define Average Propensity to Consume (APC) and Average Propensity to Save (APS).
Answer
APC is consumption per unit of income, calculated as C/Y. APS is savings per unit of income, calculated as S/Y. The relationship is APC + APS = 1, since income is either consumed or saved.
What is investment in macroeconomic terms? How is it represented in the simple model?
Answer
Investment is addition to the stock of physical capital (machines, buildings, roads) and changes in inventory. In the simple model, investment is assumed to be autonomous (independent of income level)…
Write the aggregate demand function for a two-sector economy and explain its components.
Answer
AD = C̄ + Ī + cY, where AD is aggregate demand, C̄ is autonomous consumption, Ī is autonomous investment, c is MPC, and Y is income. The autonomous components (C̄ + Ī) can be combined as A, making it …
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