The value of money changes over time because:
A. there is an opportunity cost of waiting for money in the future.
B. people prefer to save money rather than spend it immediately.
C. the government collects taxes.
D. none of the reasons listed here cause the value of money to change over time.
A. there is an opportunity cost of waiting for money in the future.
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What happens when a product is path dependent?
a. The technology used to produce the product has a specific growth path. b. The product can sell for a higher price when it is new and there are no similar products consumers can buy than when it is older and consumers can choose to buy substitutes for the product. c. The cost of switching to a product with a better technology gives the product with the initial technology an advantage. d. The path that a product follows depends on the firm that uses the best technology to produce it.
Scarcity exists because economies cannot produce enough to meet the perceived desires of all individuals.
Answer the following statement true (T) or false (F)
If worker productivity is the same in each country, outsourcing and labor migration will both result in an equalization of wages across the two countries.
Answer the following statement true (T) or false (F)
Barter requires
a. that the exchanged goods be portable b. that the exchanged goods be durable c. a double coincidence of wants d. that the exchange medium be divisible e. an effective middleman