Statement I.Compared to 1955,a lower percentage of consumer spending is on nondurable goods today.
Statement II.Compared to 1955,slightly less of a percentage of consumer spending is on durable goods today.

A) Statement I is true and statement II is false.
B) Statement II is true and statement I is false.
C) Both statements are true.
D) Both statements are false.

Durable Goods

Goods that are designed to last and be used over a long period, such as vehicles, appliances, and furniture.

Nondurable Goods

Goods that are consumed or are only usable for a short period of time before they are depleted or become useless.

Consumer Spending

The total amount of money spent by individuals and households on goods and services for personal use, a key driver of economic activity.