If people have a positive rate of time preference, they
a. must be rewarded for saving
b. are willing to pay more for a good that saves them money if they hold on to it a long time
c. prefer to consume in the future when things are cheaper
d. prefer time deposits to savings accounts
e. prefer leisure over labor
A
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During what period of time did the United States most consistently adhere to the gold standard?
A) from 1914 until 1929 B) from the eighteenth century until the nineteenth century C) from 1944 until 1980 D) from the nineteenth century until the 1930s
Why does a monopsonist's marginal expenditure curve lie above the labor supply curve?
What will be an ideal response?
The market power of a firm refers to its ability to
A) erect entry barriers in the industry. B) make a profit even when other firms in the industry are making losses. C) control its own output level while keeping its price the same as the prices charged by other firms. D) affect the market price for its industry's output.
Consumers express self-interest when they:
a. Reduce business losses b. Search for jobs with the highest wages c. Collect economic profits d. Seek the lowest price for a product