An economy in which the whole income is not consumed is referred to as______
ECONOMICS
JAMB 2019
An economy in which the whole income is not consumed is referred to as______
- A. Frugal economy
- B. Spend thrift economy
- C. Capitalist economy
- D. Mixed economy
Correct Answer: A. Frugal economy
Explanation
A frugal economy is an economy in which the income is shared between consumption and saving or consumption and investment i.e γ = c + s or γ = C + I
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