Suppose someone offered to give you $1,000,000 five years in the future and the anticipated interest rate is 5 percent. The present value of this offer would be worth approximately

The best single indicator of a person's purchasing power over time is income

Indicate whether the statement is true or false

It takes a considerable amount of time to increase the production of pork. This implies that

A. the short-run supply curve for pork is relatively less elastic than the long-run supply curve for pork. B. the long-run supply curve for pork is relatively less elastic than the short-run supply curve for pork. C. a change in the demand for pork will not affect its price in the short run. D. an increase in the demand for pork will elicit a larger supply response in the short run than in the long run.