An economy in which the whole income is not consumed is referred to as______

Home ยป Past Questions ยป Economics ยป Jamb ยป 2019 ยป 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______

  • Frugal economy checkmark
  • Spend thrift economy
  • Capitalist economy
  • Mixed economy

The correct answer is: A

Explanation

A frugal economy is an economy in which the income is shared between consumption and saving or consumption and investment i.e
ฮณ = c + s or ฮณ = C + I

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