Does a low interest rate encourage people to borrow or to save? Explain. (1 point) A low interest rate encourages people to borrow because interest rates are paid O to borrowers by savers, so a low interest rate means a low opportunity cost for borrowing. A low interest rate encourages people to borrow because interest rates are paid to savers by borrowers, so a low interest rate means a low opportunity cost for borrowing. A low interest rate encourages people to save because interest rates are paid to O savers by borrowers, so a low interest rate means a low opportunity cost for saving. A low interest rate encourages people to save because interest rates are paid to O borrowers by savers, so a low interest rate means a low opportunity cost for saving. Define autonomous consumption. (1 point) Autonomous consumption is the amount that a person must spend on basic needs (such as food and housing) regardless of his or her income. Autonomous consumption is the amount that a person spends on other people and does not include any expenses that are spent solely for oneself, such as food or luxury items. Autonomous consumption is the amount that a person spends on himself or herself and does not include any shared expenses, such as the cost of housing if other people also live in the dwelling. O Autonomous consumption is the amount that a person chooses to spend over the costs of his or her basic needs, such as food and housing. Which of the following is not a step to creating a budget? (1 point) Determine Income Track Your Expenses Review and Adjust Expand Earning Avenues Which of the following is not one of the reasons to track expenses when creating a budget? (1 point) It helps you to analyze your spending habits. It allows you to determine patterns in spending. It helps you to identify which purchases can be reduced. It allows you to find out if you can afford to set a savings goal