The law of Time Preference tells us that A. People always value a good available in the near future more highly than an equal quantity of the same good available in the more remote future, all other things equal B. People prefer a greater quantity of a good to a lesser quantity of the same good C. People will always choose the shortest processes of production D. People will always devote more of their resources to consumption than to investment, all other things equal
The law of Time Preference tells us that A. People always value a good available in the near future more highly than an equal quantity of the same good available in the more remote future, all other things equal B. People prefer a greater quantity of a good to a lesser quantity of the same good C. People will always choose the shortest processes of production D. People will always devote more of their resources to consumption than to investment, all other things equal
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter14: Investment, The Capital Market, And The Wealth Of Nations
Section: Chapter Questions
Problem 10CQ
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The law of Time Preference tells us that
A. People always value a good available in the near future more highly than an equal quantity of the same good available in the more remote future, all other things equal
B. People prefer a greater quantity of a good to a lesser quantity of the same good
C. People will always choose the shortest processes of production
D. People will always devote more of their resources to consumption than to investment, all other things equal
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