Lifetime wealth is
A) the quantity of assets the consumer has in the current period.
B) current income plus future income.
C) current income minus discounted future taxes.
D) the present value of disposable income.
D
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The relationship between planned real consumption expenditures of households and their current level of real disposable income is
A) the consumption function. B) saving. C) dissaving. D) investment.
Tradable emissions permits are used to:
a. reduce sulfur dioxide emissions by requiring firms to pay a pollution tax. b. encourage firms to reduce sulfur dioxide emissions by allowing the sale of excess permits. c. decrease consumption as the producer passes the full cost of the permit onto the consumer. d. impose a tax on SO2 emissions that is paid by the firm and is a source of tax revenues for the federal government.