Rational People Having Preferences for Immediate Benefits and Delayed Costs

question 54

Multiple Choice

Rational people having preferences for immediate benefits and delayed costs is another way of saying that:

• A) money is worth less to us now than in the future.
• B) money is worth more to us now than in the future.
• C) the value of money does not change over time.
• D) rational people have insatiable wants.

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Definitions:

Supreme Court

The highest federal court in the United States, with ultimate appellate jurisdiction over all federal and state court cases that involve a point of constitutional or federal law.

Great Compromise

The agreement that large and small states reached during the Constitutional Convention of 1787 that in part defined the legislative structure and representation each state would have under the United States.

Three-Fifths Compromise

An agreement made during the 1787 Constitutional Convention stating that three-fifths of the enslaved population would be counted for determining taxation and representation in Congress.

Philadelphia Convention

The gathering in 1787 where the Constitution of the United States was framed and adopted by its original colonies.