ScholarMatic: Explanation & Answer
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Which of the following is correct as an interpretation of the Keynesian consumption function?
a. The
Keynesian consumption function states that as income increases consumption increases more than proportionately.
b. The Keynesian consumption function implies that your consumption depends on your overall wealth, rather than your current income.
c. The Keynesian consumption function predicts that if your current income is less than your expected future income, you should borrow today to finance your current consumption needs.
d. The Keynesian consumption function is consistent with the observation that consumption can increase even if disposable income remains the same.
ScholarMatic: Explanation & Answer
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