The Multiple Changes in Income and Output That Results from a Change

question 55

True/False

The multiple changes in income and output that results from a change in autonomous expenditure is called the multiplier.

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Definitions:

Law of Supply

The law of supply states that, all else being equal, an increase in the price of a good or service will lead to an increase in the quantity supplied, and vice versa, reflecting producers' responsiveness to price changes.

Car Production Technology

The set of engineering practices, methodologies, and innovations used in the design and manufacturing of automobiles.

Leather

Leather is a durable and flexible material created by tanning animal rawhide and skins, primarily used in the production of goods like clothing, footwear, and furniture.

Sweater Producers

Entities or individuals involved in the manufacturing or creation of sweaters.