If a Consumer Cannot Borrow, Then Consumption in Period One

question 79

Multiple Choice

If a consumer cannot borrow, then consumption in period one must be ______ income in period(s) _____.

• A) less than; one
• B) less than or equal to; one
• C) less than; one and two
• D) less than or equal to; one and two

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Definitions:

Protections

Measures or provisions put in place to guard against harm, damage, or legal infringement, particularly in legal, economic, and technological contexts.

Negotiable Instrument

A textual document that pledges the payment of an exact monetary amount, to be made either when asked or at a predetermined time, and it specifies who will make the payment.

Sum Certain

A legal term referring to a specified or fixed amount of money.

Unconditional Promise

A pledge or guarantee that is absolute and not subject to any conditions or contingencies.