Those with the Least Patience

question 159

Multiple Choice

Those with the least patience

• A) have the greatest time preference.
• B) have the least time preference.
• C) will demand a higher nominal interest rate but not a higher real rate.
• D) will save the most.
• E) will engage in the most consumption smoothing.

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Definitions:

Unauthorized Act

An action taken without official permission or beyond granted authority, often leading to disciplinary actions or legal consequences.

Partners

The owners of a partnership.

Respondeat Superior

A legal doctrine that holds an employer or principal legally responsible for the wrongful acts of an employee or agent, performed within the scope of their employment or agency.

Agency Law

A legal principle that governs the relationship between a principal and their agent, including the agent's authority to act on behalf of the principal and the principal's responsibility for the agent's actions.