In order for currency to be widely used as a medium of exchange, it is sufficient for the government to designate it as legal tender

Society's rate of time preference is

A) the extra amount people would be willing to pay to have consumption goods in the future instead of now. B) the value that people place on the time saved by purchasing capital goods rather than consumer goods. C) the extra amount people would be willing to pay to have consumption goods now instead of the future. D) is negative if people prefer present consumption to future consumption.

The difference in land prices between Washington, D.C., and Tulsa, Oklahoma, is an example of a permanent resource price differential

a. True b. False