Hicks' notion of income is that:
A) An individual's income is what they consume.
B) An individual's income is the minimum value that they can consume during a period and still be as well off at the end as they were in the beginning.
C) An individual's income is the difference between their revenues and expenses.
D) An individual's income is the maximum value that they can consume during a period and still be as well off at the end as they were in the beginning.

Question

Quizplus · Accepted Answer

Hicks' notion of income, as defined in his concept of income, is the maximum value that an individual can consume during a period without ending up worse off at the end of the period than they were at the beginning. This concept emphasizes the sustainability of consumption over time without depleting one's wealth.

Hicks' Notion of Income Is That