The use of present value calculations in valuing natural resources is important because it:
A. Ensures that net benefits are minimized over time
B. Permits greater extraction of resources in the future
C. Permits greater extraction of resources in the present
D. Ensures resources are allocated to their best use over time
D. Ensures resources are allocated to their best use over time
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A difference between the new classical and monetarist models is that expectations in the new classical model are _____ while they are _____ in the monetarist model
a. forward looking; backward looking. b. rational; adaptive. c. correct; mistaken. d. perfectly competitive; imperfectly competitive. e. both a and b.
People's tendency to prefer the "default" option over other options is known in prospect theory as the:
A. Anchoring effect B. Mental accounting effect C. Status quo bias D. Confirmation bias