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PRINCIPLES OF MACROECONOMICS QUIZ #3 – COVERING CHAPTERS 8 AND 9DUE BACK ON FRIDAY, OCTOBER 25thINSTRUCTIONS: Each question requires a short answer or a calculation. Please show your work for the equations or you will lose credit. Each question is worth 6 points each. If the question is in parts, each part makes up a total of 6 points. On the day that the quizzes are due, you will grade your own quiz in classand then turn it in to me at then end of class. We will be going over the quiz together. The answer key will be posted in eLearning after the quiz ishanded in. Please bring a red pen to class on grading day. I expect everyone to uphold their academic excellence and grade there quizzes honestly – there is zero tolerance with respect to academic dishonesty. Late quizzes will receive a zero. However, if you cannot make it to class, please email your quiz to the TA and he will grade it. 1.What is the relationship between consumption and the following economic variables: household income, wealth, household's expectations about the future, and interest rates?