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ACCORDING TO ECONOMICS IN SOUTH AFRICA: Q2.1. What are the basic differences between macroeconomic theory and national accounting? Q2.2. In macroeconomic theory, what are the

ACCORDING TO ECONOMICS IN SOUTH AFRICA:

Q2.1.What are the basic differences between macroeconomic theory and national accounting?

Q2.2.In macroeconomic theory, what are the possible relationships between total production, total income and total spending?

Q2.3.What is meant by the consumption function? Use a diagram to explain the three main characteristics of the consumption function.

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