Refer to the Information Provided in Table 24

question 37

Multiple Choice

Refer to the information provided in Table 24.4 below to answer the question(s) that follow.
Table 24.4
-Refer to Table 24.4. The equilibrium level of output is ________ billion.

• A) $1,000
• B) $1,500
• C) $2,000
• D) $2,500

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Definitions:

Disposable Income

The income available for saving and spending after the deduction of income taxes from earnings is known as disposable income.

Consumption

The process by which goods and services are used up or consumed, typically referring to household consumption in economics.

Average Propensity

Average Propensity refers to the average tendency of individuals or entities, such as the average propensity to consume or save, measured over a specific period or income level.

Disposable Income

The available cash reserves for households to spend and save once taxes on income have been settled.