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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406

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BuyFindarrow_forward

Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406
Textbook Problem

What does having a positive rate of time preference have to do with positive interest rates?

To determine

Identify the relation between a positive rate of time preference and a positive interest rate.

Explanation

Majority of the people greatly prefer the present consumption to the future consumption. For example, majority of the consumers prefer to buy a car today than to purchase a car after 5 years. Therefore, the positive rate of time preference indicates the preference for earlier availability...

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