Select the word/phrase that best completes the five insights into the relationship between income and consumption. In part f, select the word/phrase that best explains the prior insight. a. A change in income leads to a small change in consumption. b. A permanent change in income leads to in consumption. c. An anticipated change in income leads to in consumption. d. Learning about a income change leads to a change in consumption. e. It’s to forecast changes in consumption. f. The above insight doesn't say that it is difficult to predict the level of consumption. Instead, it says that it is difficult to forecast in consumption.

James jones is the owner of a small retail business operated as a sole proprietorship. during 2017, his business recorded the following items of income and expense: revenue from inventory sales $ 147,000 cost of goods sold 33,500 business license tax 2,400 rent on retail space 42,000 supplies 15,000 wages paid to employees 22,000 payroll taxes 1,700 utilities 3,600 compute taxable income attributable to the sole proprietorship by completing schedule c to be included in james’s 2017 form 1040. compute self-employment tax payable on the earnings of james’s sole proprietorship by completing a 2017 schedule se, form 1040. assume your answers to parts a and b are the same for 2018. further assume that james's business is not a service business, and that it has $155,000 unadjusted basis in tangible depreciable property. calculate james's 2018 section 199a deduction.