A consumer who is time-consistent:

O is on time or a little early for most appointments.

O uses nominal and real variables when making economic decisions.

O will make the same decision in economic transactions, whether the transaction happens immediately or in the

distant future.

O will always make different decisions, depending on whether an economic transaction occurs immediately or in

the distant future.

UR basketball fans usually pay full price for season tickets. Compared with fans who buy tickets at

the door, they are more likely to attend the game. This is an example of

O sunk cost fallacy

O falling prey to faming effect

O hyperbolic discounting

overconfidence

John prefers $20 today to $25 a year from now, but prefers $200 in four weeks to $100 in three

weeks. This is an example of:

O overconfidence

O sunk cost fallacy

O falling prey to faming effect

O hyperbolic discounting

On Wednesday, you plan to study for ECON tomorrow. But on the next day, you spend your

time watching Netflix and chilling. This is an example of

O negative discounting

O keeping up with the Joneses

O Failure to plan ahead

O Time inconsistency

Tran has a small boba shop and is considering closing it down. A business advisor points out that her

shop has operating revenues of $500,000 and operating cost of $550,000. In addition, she has paid

$45,000 for equipment that can be resold for $30,000 after she closes the boba shop. Tran should

close the boba shop because

O should not; the value of closing is negative

O should; the value when staying open is negative

O should; closing results in greater value

O should not; the value of staying open exceeds the value of closing

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