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Brief Principles of Macroeconomics...

8th Edition
N. Gregory Mankiw
ISBN: 9781337091985

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BuyFindarrow_forward

Brief Principles of Macroeconomics...

8th Edition
N. Gregory Mankiw
ISBN: 9781337091985
Textbook Problem

If more Americans adopted a “live for today” approach to life, how would this affect saving, investment, and the interest rate?

To determine

How 'live for today' approach effects the savings, investment and interest.

Explanation

When more people follows the ‘live for today' approach, they would give importance to the things that matters them which will be the things that takes place at present. They would never give importance to the things that are going to happen in the future. As a result of this attitude of the people, the savings in the economy will fall and the consumption will increase...

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