Adam Smith's behavioral assumption about humans was that people
A) usually act in a rational, self-interested way. B) are consistently greedy.
C) typically act irrationally. D) typically act randomly.
A
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Explain the modified version of utilitarianism proposed in the book entitled "A Theory of Justice," by the philosopher John Rawls and its relationship to the "big tradeoff."
What will be an ideal response?
Refer to Table 1-2. Using marginal analysis, by how many hours should Thuy Anh extend her flower shop's hours of operations?
A) 2 hours B) 3 hours C) 4 hours D) 5 hours E) 6 hours
Given the Republic of Korea's experience, what can we conclude about comparative advantage?
What will be an ideal response?
If a union sets the wage rate to maximize the total wage receipts of its members, the price elasticity of demand for labor would be
A) zero. B) numerically equal to 1. C) finite, but greater than -1. D) positive, but less than 1.