To Ensure a Well-Defined Solution to the Consumers' Intertemporal Choice

question 9

Multiple Choice

To ensure a well-defined solution to the consumers' intertemporal choice problems, we must assume that consumers' preferences exhibit the properties that

• A)the consumer likes diversity and that more is sometimes preferred to less.
• B)they are all identical and that more is always preferred to less.
• C)more is sometimes preferred to less and that first-period consumption and second-period consumption are both normal goods.
• D)more is sometimes preferred to less and that first-period consumption and second-period consumption are both inferior goods.
• E)more is preferred to less and that the consumer prefers diversity.

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Definitions:

Job Evaluation

A systematic process for assessing the relative value of jobs within an organization to establish a fair and equitable pay structure.

Job Description

A formal account of an employee's responsibilities, duties, and the scope of a job, often used in the recruitment and evaluation process.

Job Evaluation

The systematic process of determining a job's relative worth within an organization to inform compensation decisions.

Job Evaluation Process

A systematic approach to determining the relative worth of jobs within an organization to establish fair pay and grading levels.