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
Chapter3: Scarcity, Trade-offs, And Production Possibilities
Section: Chapter Questions
Problem 10P
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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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