Refer to the Information Provided in Figure 9

question 18

Multiple Choice

Refer to the information provided in Figure 9.1 below to answer the questions that follow. Figure 9.1
-Refer to Figure 9.1. At equilibrium, $1,000 billion represents

• A) the part of consumption that is dependent on income.
• B) the part of consumption that is not dependent on income.
• C) equilibrium income.
• D) both A and B are correct

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Definitions:

Formal Norms

Explicitly defined rules and regulations that guide behavior and maintain social order within a society.

Etiquette

The set of conventional rules of personal behavior in polite society, usually in the form of a code of conduct.

Negative Sanctions

Punishments or disapprovals aimed at discouraging undesired behaviors within a society or group.

Dominant Culture

The prevailing cultural norms, values, and practices that are most influential within a society or social group.