Who said: "Wealth has never been a sufficient source of honor in itself. It must be advertised and the normal medium is obtrusively expensive goods."
A. The theory would predict that people's consumption would be greater than their income until their mid to late 20s.
B. A person who won a prize would spend at least 50 percent of their winnings in the first year.
C. Consumption is greater than income when people reach old age.
D. People gear their consumption to their expected earnings more than to their current income.
B. A person who won a prize would spend at least 50 percent of their winnings in the first year.
You might also like to view...
In the long run, monopolistic competition
a. results in a monopoly b. ends up with one firm, that is, competition transforms to monopoly c. ends up with many firms in the industry d. has zero barriers to entry e. has no product differentiation
An example of an abstraction used in macroeconomics is
a. the price level. b. total costs. c. the tax rate. d. the treasury bill rate. e. proprietor's income.