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Problem 1: Suppose that the interest rate is 10 percent. An agent has initial assets of $200,000. Labor income in the current period is $50,000. Labor income in the future period is $110,000. What is the agent's total wealth?
Option 1: $150,000Option 2: $160,000Option 3: $350,000Option 4: $360,000
Problem 2: Suppose that the patience parameter is equal to one, interest rates are positive, and that utility function u(c) is the same for current consumption as it is for future consumption. Then an agent with a marginal utility of current consumption that is lower than the marginal utility of consumption in the future should
Option 1: increase current consumption relative to future consumption.Option 2: increase future consumption relative to current consumption.Option 3: make no changes to consumption.Option 4: It is impossible to say what the agent should do to maximize utility.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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