Author Question: Milton Friedman in his book on consumption function, discussed the importance of _____, rather than ... (Read 62 times)

tiffannnnyyyyyy · **on:** Jun 30, 2018

Milton Friedman in his book on consumption function, discussed the importance of _____, rather than _____, to understand consumer spending.
a. savings; expenditure
b. permanent income; current income
c. money supply; real output
d. wages; savings
e. real output; prices

Question 2

Which of the following is not associated with more inelastic demand?
a. a limited amount of time for consumers to respond to a price change
b. availability of many close substitutes
c. large percentage of income spent on the good in question
d. Neither b. or c. is associated with more inelastic demand