chapter3 the simple keynesian theoryof income determination（chapter 3 the simple theoryof keynesian income determination）.doc

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chapter3 the simple keynesian theoryof income determination（chapter 3 the simple theoryof keynesian income determination）.doc

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Chapter 3 The Simple Keynesian Theory of Income Determination In the simplest Keynesian model of the determination of income, interest rates are assumed to be exogenous and to gradually change. endogenous and to gradually change. exogenous and to remain constant. endogenous and to remain constant. In the simplest Keynesian model of the determination of income, interest rates are assumed to be exogenous and to influence desired spending. to be endogenous and not to influence desired spending. to be endogenous and to influence desired spending. to be exogenous and not to influence spending. In the simple Keynesian model of the determination of income, the price level is assumed to be exogenous and to gradually change. endogenous and to gradually change. exogenous and to remain constant. endogenous and to remain constant. A fixed or rigid price level implies that income is fixed. real GDP is greater than nominal GDP. nominal GDP is less than real GDP. real GDP equals nominal GDP. What type of variables have their movements explained by theory? endogenous exogenous autonomous Both B and C If total planned spending (E(p)) exceeds GDP, we expect that inventories will be falling. inventories will be rising. GDP will be falling. government expenditures must be rising. Figure 3-1 Employing Figure 3-1, autonomous consumption expenditures are ____________, and the marginal propensity to consume is ____________. 200; .75 500; 1 200; .60 0; 1 As used in this text, autonomous variables are spontaneous variables that are completely unpredictable. completely independent of income, although they can be explained by movements in other variables. determined only by income levels. the same as endogenous variables. The multiplier measures the number of steps it takes to move from one equilibrium to another. rise in saving resulting from a rise in income. marginal propensity to invest. rise in equilibrium GDP resulting from a one dollar rise in planned autonomous expend