A sum of money to be received in the future is worth more than a sum of money today
a. True
b. False
Indicate whether the statement is true or false
False
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If elected officials prefer policy actions that make benefits available quickly while deferring costs, they will be inclined to favor
A) an easier monetary policy to counter recession. B) increased appropriations to provide jobs for unemployed workers. C) a wage and price freeze to control inflation. D) all of the above. E) none of the above.
Suppose the own price elasticity of demand for good X is ?0.25, and the quantity of good X increases by 5 percent. What would you expect to happen to the total expenditures on good X?
A. Remain unchanged B. Decrease C. Increase D. Neither increase, decrease nor remain unchanged
The minimum point of the average variable cost curve is reached at the output level where:
A. marginal product is maximized. B. neither marginal nor average product is maximized. C. average and marginal products are maximized. D. average product is maximized.
In the short run, a firm
A. has at least one fixed factor of production. B. can exit an industry, and all of its factors of production are variable. C. can enter an industry where positive profits are being earned. D. Both B and C are correct.