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ap macroeconomics

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Question
Answer
average propensity to consume (APC)   fraction (or percentage) of disposable income that households plan to spend for consumer goods and services; consumption divided by disposable income  
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average propensity to save (APS)   fraction (or percentage) of disposable income that households save; saving divided by disposable income  
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marginal propensity to consume (MPC)   the fraction of any change in disposable income spent for consumer goods; equal to the change in consumption divided by the change in disposable income  
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marginal propensity to save (MPS)   the fraction of any change in disposable income that households save; equal to the change in saving divided by the change in disposable income  
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Multiplier effect   the effect on equilibrium GDP of a change in aggregate expenditures or aggregate demand (caused by a change in the consumption schedule, investment, government expenditures, or net exports)  
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Inflationary Gap   the amount by which the aggregate expenditures schedule must shift downward to decrease the nominal GDP to its full-employment noninflationary level  
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Aggregate Demand (AD)   a schedule or curve that shows the total quantity of goods and services demanded (purchased) at different price levels  
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Determinants of AD   factors such as consumption spending, investment, government spending, and net exports that, if they change, shift the AD curve  
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Aggregate Supply (AS)   a schedule or curve showing the total amount spent for final goods and services at different levels of real GDP  
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Determinants of AS   factors such as input prices, productivity, and the legal-institutional environment that if they change, shift the AS curve  
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Expansionary Fiscal Policy   an increase in government purchases of goods and services, a decrease in net taxes, or some combination of the two for the purpose of increasing AD and expanding real output  
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Contractionary Fiscal Policy   a decrease in government purchases for goods and services, an increase in net taxes, or some combination of the two, for the purpose of the decreasing AD and thus controlling inflation  
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Crowding-out Effect   a rise in interest rates and a resulting decrease in planned investment caused by the Federal government's increased borrowing in the money market  
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