Ethics Describes the Principles of Right and Wrong That Can

question 67

True/False

Ethics describes the principles of right and wrong that can be used by individuals to make choices to guide their behavior.

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Definitions:

Marginal Propensity

The fraction of an additional unit of income that is spent on consumption rather than being saved.

Consumption Function

The relationship in the economy between consumption and income, other things constant.

Saving Function

The relationship between the level of saving and the level of income, typically showing that saving increases as income increases.