Suppose two people with the same level of income and wealth have different discount rates. Joe has a very high discount rate and Jim has a very low discount rate. Which one of the following is TRUE?
A) Joe is more likely to borrow than Jim.
B) Joe is less likely to borrow than Jim.
C) Joe and Jim will borrow the same amount.
D) Neither Joe nor Jim would be borrowers.
A
Economics
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At its profit-maximizing output, the firm in the above figure incurs a total cost of production of
A) $7,000. B) $9,000. C) $6,300. D) $3,900.
Economics
The long-run aggregate supply curve is vertical because
A) the economy has yet to use all its available resources. B) the economy has reached its potential real Gross Domestic Product (GDP) and is at full employment. C) the economy has contracted. D) the economy has large numbers of unemployed.
Economics