(Table) The table shows data on consumption at various levels of income. Assume there is no private investment. The value of the marginal propensity to consume is 
Definitions:
Efficiency-Wage Theory
A theory suggesting employers pay above the market equilibrium wage to increase worker productivity.
Economic Theory
The study of how societies use scarce resources to produce valuable commodities and distribute them among different people.
Natural Rate
Refers to the level of unemployment when the labor market is in equilibrium, accounting for frictional and structural unemployment but not cyclical unemployment.
Bureau of Labor Statistics
A U.S. government agency responsible for collecting and analyzing economic data, particularly labor market activity, working conditions, and price changes.
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