3. Each term (3 months), the current group of economics students completed a questionnaire about how much they would spend on new purchases compared to how much they would save/pay off bills if they suddenly and unexpectedly received a check for $1,000. The average MPC is shown in the table below.

Month in which student poll was taken	Average of students' responses as MPC
March	0.41
June	0.30
September	0.22
December	0.56

a. What do these MPCs imply about the students' thinking over the course of the year?

(Enter response here.)

b. What is likely happening in the economy during the same period of time?

(Enter response here.)