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INDUCED GOVERNMENT PURCHASES: Government purchases that depend on income or production (especially national income or gross national product). An increase in national income triggers an increase in induced government purchases. Induced government purchases is graphically depicted as the slope of the government purchases line and is measured by the marginal propensity for government purchases. The induced relation between income and government purchases, as well as other induced expenditures, form the foundation of the multiplier effect triggered by changes in autonomous expenditures.

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Lesson 9: Consumer Demand | Unit 4: The Curves Page: 16 of 22

Topic: Total Utility <=PAGE BACK | PAGE NEXT=>

  • A graph of total utility is achieved much like many other graphs in economics, by plotting a set of numbers.

  • Let's set the stage.

    • The axes at the right present the plotting area.
    • The horizontal axis measures quantity, the number of hours spent at the beach. This ranges from 0 to 8.
    • The vertical axis measures total utility, in utils, ranging from 0 to 40.

  • The points plotted come from an infinite number of points that capture the relation between total utility and time at the beach.

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INDUCED CONSUMPTION

Household consumption expenditures that depend on income or production (especially disposable income, national income, or even gross domestic product). That is, changes in income induce changes in consumption. Induced consumption captures the fundamental psychological law put forth by John Maynard Keynes. It is measured by the marginal propensity to consume (MPC) and is reflected by the positive slope of consumption line. The alternative to induced consumption is autonomous consumption, which does not depend on income.

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BLUE PLACIDOLA
[What's This?]

Today, you are likely to spend a great deal of time wandering around the downtown area hoping to buy either a pair of gray heavy duty boot socks or a 50-foot blue garden hose. Be on the lookout for fairy dust that tastes like salt.
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This isn't me! What am I?

Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
"In war, there is no second prize for the runner-up."

-- Omar Bradley, US Army general

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