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If the marginal propensity to consume is 0.6 and consumption expenditure changes by N10 million,...

Economics
JAMB 2006
If the marginal propensity to consume is 0.6 and consumption expenditure changes by N10 million, the equilibrium level of income will change by
  • A. N4.0 milion
  • B. N25. 0 milion
  • C. N2.5 milion
  • D. N15.0 milion
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Correct Answer: Option B
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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