A promise to pay at some time in the future
a. indicates the present value of a future payment.
b. is a bond.
c. is the interest rate on debt.
d. is a dividend.
a. indicates the present value of a future payment.
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One reason that economists usually engage in ________ economic analysis is because the question of fair division of resources is ________ to decide objectively
A) positive; easy B) positive; hard C) normative; easy D) normative; hard
The marginal social cost of a good or service is the cost borne by the producer
Indicate whether the statement is true or false
Changes in the Lorenz curve since 1929 in the United States indicate that
A) the distribution of income today is identical to what it was in 1929. B) the distribution of income is slightly less equal today than in 1929. C) the distribution of income is slightly more equal today than in 1929. D) the distribution of income is much more equal today than it was in 1929.
Behavioral economics is an approach to the study of consumer behavior
A. that, in contrast to standard approaches in economics, relies on real-world data to evaluate the usefulness of economic models. B. that emphasizes the capabilities of individuals to succeed in attaining all their unlimited wants utilizing limited resources. C. that, in contrast to standard approaches in economics, utilizes the ceteris paribus assumption. D. that emphasizes psychological limitations and complications that potentially interfere with rational decision making.