When the interest rate is higher, the difference between the value of money today and tomorrow is smaller.
Answer the following statement true (T) or false (F)
False
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Economies of scale are
A) charges to savers and borrowers imposed by banks in exchange for reducing transactions costs. B) the reduction in costs per unit that accompanies an increase in volume. C) decreases in transactions costs that occur as information costs increase. D) decreases in information costs that occur as transactions costs increase.
Besides tariffs and import quotas, another way of curtailing imports is by ______.
a. imposing taxes on foreign products b. reducing limits on foreign goods c. removing taxes on sales of imports d. strengthening product standards
In perfect competition, the marginal revenue curve
A) and the demand curve facing the firm are identical. B) is always above the demand curve facing the firm. C) is always below the demand curve facing the firm. D) intersects the demand curve when marginal revenue is minimized.
According to the Stolper-Samuelson theorem, an increase in the price of a country's imports will
A. have no impact on the returns to factors of production within the country. B. raise the returns to the factor of production used intensively in the import-competing industry. C. reduce the returns to the factor of production used relatively intensively in the import-competing industry. D. raise the returns to all factors of production within the country.