The interest-adjusted value of past payments is
A. present value.
B. future value.
C. real value.
D. intrinsic value.
Answer: B
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Suppose that in a market for used cars, there are good used cars and bad used cars (lemons). Consumers are willing to pay as much as $6,000 for a good used car but only $1,000 for a lemon
Sellers of good used cars value their cars at $5,000 each and sellers of lemons value their cars at $800 each. Buyers cannot tell if a used car is reliable or is a lemon. Based on this information, what is the likely outcome in the market for used cars? A) Most used cars offered for sale will be lemons. B) Both good used cars and lemons will sell for $4,500 each. C) Only lemons will sell, for $800 each. D) Both good used cars and lemons will sell for $1,000 each.
The decisions of today have consequences that lie in the future
Indicate whether the statement is true or false
If output is below the full-employment level of output, we should expect wages to increase over time
a. True b. False
If a good has the quality that its benefits cannot be denied to anyone, then that good is
a. nonrival b. merit c. exclusive d. nonexclusive e. social