When each individual has consistent preferences, but those of the community are not consistent, it is known as

Paper currency is a

A) fiat money. B) barter money. C) commodity money. D) bond.

According to Friedman, people behave differently with respect to the different kinds of incomes they earn. For example, the MPC in 2002 is associated with their _________ income earned in 2000 . The difference between the income earned in 2001, and that income in 2002 is called ___________ income

a. relative; absolute b. absolute; relative c. permanent; transitory d. transitory; permanent e. transitory; transitory