Intertemporal decisions are
a. decisions in one period of time.
b. decisions over time.
c. decisions made without thinking about time.
d. decisions involving infinity.
b. decisions over time.
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The amount of interest owed on a loan of $75,000 after a year at an interest rate of 1 percent is:
A. $7,500. B. $75,750. C. $82,500. D. None of these is true.
Human capital is
a. a stock of equipment and structures. b. the result of investments workers make in themselves such as education. c. a difference in wages that arises to offset the nonmonetary characteristics of different jobs. d. a characteristic that affects a worker's self-esteem but not her wages.
The experience of the 1930s indicates that substantial tax increases during a severe recession will result in
A) an increase in tax revenues that will lead to a balanced budget. B) a reduction in output and employment. C) smaller budget deficits, which will speed an economic recovery. D) an increase in the incentive to earn.
The period when output and living standards decline is referred to as:
A. Inflation B. Economic decline C. An inventory downturn D. A recession