To say that an individual displays a positive rate of time preference mean
A) She prefers to have more time rather than less time in her day.
B) She prefers to have less time rather than more time in her day.
C) She prefers goods sooner rather than later in the future.
D) She prefers goods later rather than earlier in the future.
C
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Micah buys a used car for $10,000 and spends $200 on a new radio that is made in the U.S. The end result of these two transactions is
a. U.S. consumption purchases increase by $200 and U.S. GDP increases by $200. b. U.S. consumption purchases increase by $200 and U.S. GDP increases by $10,000. c. U.S. consumption purchases increase by $10,000 and U.S. GDP increases by $10,200. d. U.S. consumption purchases increase by $10,200 and U.S. GDP increases by $10,200.
Say a competitive firm is producing at point where ATC = $10, AVC = $2. If the firm charges $5 for its output, then in the short-run this firm should
A. exit the industry. B. shutdown production. C. continue to operate. D. try to reduce its fixed costs.
The ________ tax rate is the tax rate paid on any additional income earned.
A. proportional B. average C. marginal D. total
In a perfectly competitive market, which of the following will increase the economic profit the firms make in the short run?
A) a decrease in market demand B) an increase in market demand C) an increase in labor costs D) an increase in the number of firms