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The table shows some of the items in an economy's National Income and Product Accounts. Calculate national income and disposable personal income. What is consumption
The table shows some of the items in an economy's National Income and Product Accounts. Calculate national income and disposable personal income. What is consumption expenditure as a percentage of disposable personal income? >>> Answer to 1 decimal place. E) National income is 33 trillion and disposable personal income is $ trillion. Disposable personal income is percent of national income. Consumption expenditure is percent of disposable personal income. Amount Item (trillions of dollars) Wages 6.6 Government expenditure 2.2 Interest, rent, and prot 2.6 Consumption expenditure 8.2 Investment 1.9 Net exports - 0.6 Indirect taxes less subsidies 0.8 Retained prots 1.9 Transfer payments 1.4 Personal income taxes 1.0 GNP 11.7 Depreciation 1.4 For consumers, golf clubs and golf lessons are complements. If the price of a golf club decreases, does the demand for golf lessons change? If the price of a golf club decreases, the demand for golf lessons will I: '2' A. not change, but there will be a movement along the demand curve for golf lessons II: '3 B. decrease, and the demand curve for golf lessons will shift leftward II: '2' C. increase, and the demand curve for golf lessons will shift rightward I: '2' D. increase or decrease, but the demand for golf clubs will not change
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