Bobby Faces Two Choices

question 24

Multiple Choice

Bobby faces two choices.The first is to receive $600 on the spot.The other choice is to receive $800 a year from now.The interest rate is 5% per year.What could a possible explanation for Bobby choosing to receive $600 on the spot?

• A) Bobby finds that the present value of the $800 a year from now is less than $600.
• B) Bobby may have time-inconsistent preferences.
• C) Although Bobby chooses $600 on the spot, he is actually indifferent between the two options.
• D) None of the above is correct.

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Definitions:

Editing

is the process of revising a piece of writing to improve clarity, ensure coherence, correct errors, and refine its overall presentation.

Proofreading

The process of reading text carefully to find and correct errors in grammar, spelling, and punctuation.

Evaluating

The process of assessing or appraising the value, significance, or condition of something, typically for decision-making.

Comma Usage

The rules and conventions dictating how commas are used to separate elements in a sentence, clarifying meaning and indicating pauses.