List four factors that could shift the consumption schedule.
What will be an ideal response?
Shifts in the consumption schedule could be caused by any of the non income determinants of consumption and saving. This includes changes in any of the following: wealth, expectations, real interest rates, and household borrowing.
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How are corporate profits taxed in the United States?
A) Earnings are taxed first by state sales taxes and then as corporate profits at the Federal level. B) Corporate profits are not taxed at all. C) Earnings are taxed first as personal income then as corporate profits at the Federal level. D) Earnings are taxed first as corporate profits then as personal income after dividends are paid.
Bad weather is likely to
A) raise the total revenue farmers receive for their foodstuffs, assuming that demand for their products is inelastic. B) lower the total revenue farmers receive for their foodstuffs, assuming that demand for their products is elastic. C) leave the total revenue farmers receive for their foodstuffs unchanged. D) change the income elasticity of demand for food. E) c and d