Milton Friedman Argued That, Over Long Periods of Time, the Average

question 43

Multiple Choice

Milton Friedman argued that, over long periods of time, the average propensity to consume is constant because, over these long periods of time:

• A)the variation in income is dominated by the transitory component.
• B)the variation in income is dominated by the permanent component.
• C)it is the behaviour of the average consumer that dominates.
• D)income averages out to a constant.

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