In U.S. recessions, growth in total consumption is ________, which is ________ with the workings of the permanent-income and life-cycle hypotheses
A) largely uninterrupted, perfectly consistent
B) largely uninterrupted, rather inconsistent
C) noticeably reduced, perfectly consistent
D) noticeably reduced, rather inconsistent
D
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Concerning the effect of New Deal farm measures, Walton and Rockoff conclude that the New Deal _____
a. simply failed to help farmers because the farmer's terms of trade did not improve. b. helped the farmer to a limited extent primarily through the stimulation of aggregate demand. c. helped the farmer to a substantial extent by limiting farm output. d. helped the farmer to a substantial extent by increasing farm output.
If a 10 percent increase in price leads to a 20 percent increase in the quantity supplied, then the elasticity of supply is 0.5
a. True b. False Indicate whether the statement is true or false