The People Most Likely to Save Are Those with a

question 58

Multiple Choice

The people most likely to save are those with a

• A)low rate of time preference since they only slightly prefer present consumption to future consumption.
• B)high rate of time preference since they greatly prefer present consumption to future consumption.
• C)low rate of time preference since they greatly prefer present consumption to future consumption.
• D)efficient rate of time preference since they do not prefer consuming luxury goods to necessities.
• E)roundabout rate of time preference since they don't really care about consuming.

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Definitions:

Opportunity Cost

The expense incurred by not choosing the second-best option available when a decision is made.

Sweaters

Clothing items made of wool or similar yarns, designed to provide warmth by covering the upper body.

Hats

A type of headwear that comes in various shapes, sizes, and materials, often used for fashion, protection, or ceremonial purposes.

Production

The process of creating goods or services by combining various inputs like labor, capital, and natural resources.