Match the economic concepts in Column A with their correct definitions/descriptions in Column B: Column AColumn BA. Permanent Income1. Temporary income fluctuationsB. Relative Income Hypothesis2. Consumption is influenced by the income and consumption of othersC. Life Cycle Hypothesis3. Consumption based on lifetime earningsD. Demonstration Effect4. Saving during working years and dissaving after retirementE. Transitory Income5. Long-run expected income Choose the correct matching option:

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Economics · Theories of Consumption

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A–5, B–2, C–4, D–2, E–1

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Answer 1

A–1, B–2, C–3, D–2, E–5

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