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Q11. The lifetime budget constraint [LBC] equates the present discounted value of lifetime income to the present discounted value of lifetime consumption. i. To construct an LBC, income and consumption are discounted at the subjective rate of discount. Starting from the LBC, we can work out a consumer's marginal propensity to consume [MPC] from wealth. Other things being equal. you would expect a consumer's MPG to be higher if... ii. ...the consumer is liquidity constrained. iii. ...the consumer experiences a temporary increase in income. iv. ...the real interest rate rises. Evaluate the truth or falsehood of statements i. to iv. : A] i. is true, ii. is true, iii. is true, iv. is true B] i. is true, ii. is true, iii. is true, iv. is false C] i. is true, ii. is true, iii. is false, iv. is true D] i. is true, ii. is true, iii. is false, iv. is false E] i. is true, ii. is false, iii. is true, iv. is true F] i. is true, ii. is false, iii. is true, iv. is false G] i. is true, ii. is false, iii. is false, iv. is true H] i. is true, ii. is false, iii. is false, iv. is false I] i. is false, ii. is true, iii. is true, iv. is true I] i. is false, ii. is true, iii. is true, iv. is false K] i. is false, ii. is true, iii. is false, iv. is true L] i. is false, ii. is true, iii. is false, iv. is false M] i. is false, ii. is false, iii. is true, iv. is true N] i. is false, ii. is false, iii. is true, iv. is false 0] i. is false, ii. is false, iii. is false, iv. is true P] i. is false, ii. is false, iii. is false, iv. is false Answer: K Source: This question comes from the chapter 4 of the textbook. Explanation: i. is false, because the lifetime budget constraint is discounted at the real market rate because it is about equating good consumed with earnings and because borrowing and lending are done in the market at market rates, not at subjective discount rates. ii. Is true iii. Is false because the temporariness ofincome tends to reduce the MPC. iv. Is true because a rational person will consume out of assets roughly in proportion to r