Multiple Choice
Consumption smoothing means:
A) never borrowing.
B) borrowing every year to consume more than one earns.
C) borrowing to consume more than one's income in high-income years and consuming less than one's income in low-income years.
D) borrowing to consume more than one's income in low-income years and consuming less than one's income in high-income years.
Correct Answer:
Verified
Correct Answer:
Verified
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