Please answer fast please arjent help please A household that is a net borrower owes more money to its creditors than it hassaved or has lent out to other entities. If there is an increase in interest rates inan economy, then what will happen to the consumption of the households inthat economy that are net borrowers?Both the income and substitution effects will drive their currentconsumption down.The income effect will drive their current consumption up and thesubstitution effect will keep it unchanged.Both the income and substitution effects will drive their currentconsumption higher.The income effect will drive their current consumption down, but thesubstitution effect will drive it up.The income effect will drive their current consumption up, but thesubstitution effect will drive it down.

If there is increase in the interest rates in an economy, the income effect will drive their current…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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A household that is a net borrower owes more money to its creditors than it has saved or has lent out to other entities. If there is an increase in interest rates in an economy, then what will happen to the consumption of the households in that economy that are net borrowers?