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Author Question: Explain the concept of autonomous consumption.[br][br][b][color=#FA1639]Question ... (Read 271 times)

09madisonrousseau09

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on: Jun 30, 2018
Explain the concept of autonomous consumption.

Question 2

U.S. bank notes have no intrinsic value and yet are widely accepted as a medium of exchange. This is a result of:
 a. Gresham's law.
  b. the use of money as a store of value.
  c. the fiduciary monetary system.
  d. the valuation of currency as commodity money.
  e. the gold and silver reserves of the Federal government that backs the currency.


ntsoane kedibone

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Reply #1 on: Jun 30, 2018
Answer to Question 1

Autonomous consumption is consumption that is not based on income. Such consumption is based on factors like real wealth, interest rates, household debt, future expectations, and tastes & preferences.

Answer to Question 2

c


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