Which of the following individuals is responsible for developing the life cycle theory of consumption?
A) Friedman
B) Modigliani
C) Keynes
D) Lucas
B
Economics
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In 1975, New York City increased regulated taxi fares by 17.5 percent and expected taxi revenue to increase a like amount. The taxi commission believed taxi demand was
a. unit elastic. b. inelastic. c. elastic. d. perfectly inelastic.
Economics
People can borrow and lend money to smooth out short term variations in income known as what kind of changes?
Economics
Slump, downturn and contraction are all words for a(n)
A. expansion. B. hyperinflation. C. stagflation. D. recession.
Economics
When you keep your savings under your mattress, you are using money as a(n)
A. investment good. B. medium of exchange. C. unit of account. D. store of value.
Economics