Suppose a Person's Preferences Are to "Consumption Smooth",which Means They $C _ { 1 } = C _ { 2 }$

question 1

Multiple Choice

Suppose a person's preferences are to "consumption smooth",which means they wish to get $C _ { 1 } = C _ { 2 }$ for all incomes and interest rates.For any interest rate and $Y _ { 1 } < Y _ { 2 }$ ,the person will ____ in the first period.

• A)borrow
• B)save
• C)neither borrow nor save

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Definitions:

A-not-B Error

A phenomenon observed in developmental psychology where infants will search for an object where they last found it, rather than its new location, indicating a lack of object permanence understanding.

Infants

Young children from birth to one year old who are entirely dependent on adults for care.

Objects

Material items that can be seen and touched, and are distinguishable from ideas or thoughts.

Piaget

A Swiss psychologist renowned for his theories on cognitive development in children, positing stages through which children's thinking evolves from simple to complex structures.