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Both the PIH and the LCH predict that

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Both the PIH and the LCH predict that

Both the PIH and the LCH predict that
A) total consumption may rise as a fraction of income when actual income rises due to the upsurge in purchases of consumer durables.
B) the saving ratio will fall with higher income when consumer durables are counted as consumption expenditure.
C) the saving ratio will fall with higher income when consumer durables are counted as saving.
D) A and B are both correct.

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Macroeconomics

Edition: 12^th

Author: Gordon

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