Which of the following is evidence that consumption depends on total wealth, and not just on current income?
A) People save very little for their retirement.
B) The pre-announced phased-in tax cuts of 1981-83 caused little change in consumption in 1981.
C) A drop in consumer confidence, with unchanged current income, often causes total consumption spending to fall.
D) all of the above
E) none of the above
Question 2
Which of the following best defines the LM curve?
A) the combinations of i and Y that maintain equilibrium in the goods market
B) illustrates the effects of changes in i on investment
C) illustrates the effects of changes in i on desired money holdings by individuals
D) the combinations of i and Y that maintain equilibrium in financial markets
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