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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

What does it mean to say that an individual has a positive rate of time preference?

To determine

Explain the meaning that an individual has a positive rate of time preference.

Explanation

Generally, majority of the people greatly prefers the present consumption to the future consumption. This means that the degree of time preference is high for some individuals. 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 of goods and services over the later availability of goods and services.

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