If Income Is $35,000 and the Average Propensity to Save

question 122

Multiple Choice

If income is $35,000 and the average propensity to save is 0.46, what is consumption?

• A) $15,500
• B) $16,100
• C) $18,900
• D) $19,500

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Definitions:

Promissory Estoppel

A law-based concept stopping a person from denying a vow made to another when the second party has legitimately acted on that vow to their detriment.

Article 2

Article 2 often refers to a specific section within a larger legal document or code, such as the Uniform Commercial Code in the United States, which deals with the sale of goods.

UCC

The Uniform Commercial Code represents a detailed collection of regulations that oversee every commercial transaction within the United States.

Parol Evidence Rule

A legal rule that prevents the introduction of evidence of prior or contemporaneous oral and written statements to alter the terms of a written contract.