Which of the Following Theories of Consumption Behavior Was Introduced

question 18

Multiple Choice

Which of the following theories of consumption behavior was introduced by Milton Friedman?

• A)the absolute-income hypothesis
• B)the relative-income hypothesis
• C)the permanent-income hypothesis
• D)the life-cycle hypothesis
• E)the random-walk hypothesis

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Definitions:

English Protestants

Followers of Protestantism in England, a movement that emerged in the 16th century seeking reforms in the Church of England.

Persecuted

The act of subjecting someone to harassment or punishment, especially because of their race, political or religious beliefs.

Spanish Empire

A historical state and one of the largest empires in world history, which at its peak included territories in Europe, the Americas, Asia, and Oceania, notably from the late 15th to the early 19th centuries.

Mary Tudor

The first queen regnant of England who reigned from 1553 to 1558, known for her attempts to re-establish Catholicism in England.