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WAEC Economics 1994 Question 12

Question 12

National Income

If a person supplements his current income by drawing on past savings in order to make both ends meet, he is said to be living

  1. A.good life
  2. B.an average life
  3. C.on his savings
  4. D.a reckless life
  5. E.on borrowed money
Show the answer and explanation

Answer: C (on his savings)

Explanation

Spending past savings to add to current income is living on one's savings (dissaving).