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

Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter3: Scarcity, Trade-offs, And Production Possibilities
Section: Chapter Questions
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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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