Drawing an aggregate expenditure function and altering it based on a given scenario. Determine how changes in one component of aggregate expenditure.

Lesson 7 ConcepTest

In each lesson, you’ll have an opportunity to practice some of the concepts, calculations, or techniques presented in the lesson. This ConcepTest will give you practice with the following:

Drawing an aggregate expenditure function and altering it based on a given scenario

Determining how changes in one component of aggregate expenditure

Calculating the following:

unplanned changes in inventories

MPC

MPS

the value of the equilibrium real GDP

autonomous consumption

multipliers

Procedure

document (docx).

Work through the problems in the Word document.

Save your work to your computer.