Question : The relationship between the rate of interest and level of consumption was first visualised by Which of the following?
Option 1: Amartya Kumar Sen
Option 2: Milton Friedman
Option 3: Irving Fisher
Option 4: James Duesenberry
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Correct Answer: Irving Fisher
Solution : The correct answer is Irving Fisher .
Irving Fisher was the first to depict the link between the rate of interest and the amount of consumption. Fisher contended that interest rates and consumption had an inverse connection. This indicates that when interest rates rise, so does consumption and vice versa.
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