If a person's marginal rate of time preference for equal amounts of consumption in the present and next periods is greater than one, she is said to be:
A) elastic.
B) normal.
C) impatient.
D) patient.
Correct Answer:
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Q8: In the life cycle model, total amount
Q9: Investment in training is called:
A)current consumption.
B)human capital.
C)future
Q10: The present value of $1000 payable in
Q11: Intertemporal choice requires knowledge of:
A)prices and interest
Q12: If the increase income from sale of
Q14: According to Hotelling's Law, the price of
Q15: The present value of a perpetuity is:
A)M(1
Q16: An individual that deposits $1,000 in the
Q17: When the interest rate i rises, C0:
A)decreases
Q18: Consumers borrow money from commercial institutions by:
A)demonstrating
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