Explain at least three ways that self-interest can motivate a selfless act.
What will be an ideal response?
The examples can vary, but all should be thoroughly thought out. First, a person could act kindly to someone with the hope that he or she will be shown kindness in return. Also, a person could act selflessly to develop a reputation for honesty, which could help in both personal and business relations. In addition, a person could act selflessly because his or her religious belief or ethical code expects it. In such a case, the act gives the person the satisfaction of doing his or her duty.
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According to your textbook authors, the belief that economizing implies greedy behavior is
A) common but mistaken. B) uncommon but true. C) both common and true. D) neither common nor true.
What results has the Republic of Korea experienced from its change in policies?
What will be an ideal response?
External economies of scale often arise because similar firms
A) locate in the same geographic region. B) collude to fix prices and increase profits. C) have excellent internal logistics. D) agree to cooperate to expand global trade. E) have economies of scale in production.
Which of the following is true for the period between 1860 and 1910?
(a) The number of people in the labor force increased at a faster pace than the total population. (b) The workday lengthened. (c) Real national income decreased. (d) All of the above.