Match the Economists in List – I with the Concepts in List – II : List – I (Economists) List – II…
Modigliani is associated with life-cycle income, Keynes with absolute income, Friedman with permanent income, and Duesenberry with relative income. These hypotheses differ…
Choose your answer
Match the Economists in List – I with the Concepts in List – II :
| List – I (Economists) | List – II (Concepts) |
| a. F. Modigliani | 1. Permanent Income |
| b. J.M. Keynes | 2. Relative Income |
| c. Milton Friedman | 3. Life Cycle Income |
| d. J. Duesenberry | 4. Absolute Income |
Answer and explanation
Correct answer D
Modigliani is associated with life-cycle income, Keynes with absolute income, Friedman with permanent income, and Duesenberry with relative income. These hypotheses differ in whether they emphasise lifetime resources, current income, long-term expected income or income relative to others. The matching is a-3, b-4, c-1, d-2.
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Karnataka SET (KSET)