Hector's wealth is zero, he expects to work for another 45 years at a constant salary of $80,000 and live for another 60 years. Assuming taxes are zero, if Hector completely smooths consumption over his lifetime, his annual consumption is
A) $60,000.
B) $62,222.
C) $80,000.
D) $106,667.
A
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Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. lower; higher D. higher; potential
Durable goods are expected to last for at least 10 years.
Answer the following statement true (T) or false (F)
More complementary resources would ____________ the productivity and the marginal revenue product of labor.
A. tend to raise B. tend to lower C. not effect
The boundary between the United States and Canada west of the Great Lakes is an example of a(n)
A) physical-political boundary. B) geometric boundary. C) mountain crest boundary. D) administrative boundary.