Since Interest Rates for Borrowing Are Usually Higher Than Interest

question 8

True/False

Since interest rates for borrowing are usually higher than interest rates for savings, the intertemporal budget constraint has an inward kink for individuals that earn income now and in the future.

---

Definitions:

French and Indian War

A conflict between Britain and France (1754-1763) in North America, part of a larger global contest, which also involved Native American tribes aligned with each side.

George Washington

The first President of the United States (1789-1797), commander-in-chief of the Continental Army during the American Revolutionary War, and one of the Founding Fathers of the United States.

Fort Necessity

A historic site in Pennsylvania, USA, where a battle early in the French and Indian War took place, involving a young George Washington.

Edward Braddock

A British general who led a failed expedition during the early stages of the French and Indian War.