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Which of the following statements is not correct?
APC is the ratio of consumption expenditure to any particular level of income.
MPC is the ratio of a change in consumption to the change in income.
APS is the ratio of savings to any particular level of consumption.
MPS is the ratio of a change in savings to the change in the income.
- Option 1: APC (Average Propensity to Consume) is the ratio of consumption expenditure to any particular level of income. This is correct.
- Option 2: MPC (Marginal Propensity to Consume) is the ratio of a change in consumption to the change in income. This is correct.
- Option 3: APS (Average Propensity to Save) is commonly known as the ratio of savings to any particular level of income, not consumption. Therefore, this statement is incorrect.
- Option 4: MPS (Marginal Propensity to Save) is the ratio of a change in savings to the change in income. This is correct.
The correct answer is: Option 3
By: Milap Bansal ProfileResourcesReport error
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