Question : The savings rate is relatively low in developed economies because of
Option 1: low per capita income
Option 2: welfare programmes
Option 3: liquidity/borrowing constraint
Option 4: high interest rate
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Correct Answer: welfare programmes
Solution : The correct answer is welfare programs .
It is believed that saving is a result of consuming. Developed economies have lower rates of saving because their levels of consumption are higher than those of developing countries at the same income level. As was recently shown in the United States, welfare programs have also been linked to the dropping saving rate.
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