Multiple choice question and give a short explanation about your answer: Which of the following is evidence that consumption depends on total wealth, and not just on current income? a. people save very little for their retirement. b. the pre-announced phased-in tax cuts of 1981-83 caused little change in consumption in 1981. c. a drop in consumer confidence, with unchanged current income, often causes total consumer spending to fall. d. none of the above.

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Q: pls send me answer of all the parts in details and i will rate you.

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A: Hi! thankyou for the question but as per the guidelines, we answer one question at one time. Kindly…