During the Middle Ages, heretics were often burned at the stake. Were the heretics violating the assumption of rational self-interest? Explain
What will be an ideal response?
For someone today, or even many people living at that time, it would seem the heretics' behavior was irrational and not in their own self interest. But, in their own eyes, they may have been acting rationally and with self-interest. Given their goals, dying rather than recanting their views was in their self-interest, especially if they believed such a death guaranteed them eternal life. They believed they would have been worse off had they recanted their views. The benefit of dying for their cause was greater to them than the cost of dying.
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The marginal propensity to save (MPS) is equal to
A) MPC + 1. B) 1 + MPC. C) 1 - MPC. D) MPC - 1.
When per capita real GDP is increasing, real output is growing:
a. more rapidly than prices. b. more rapidly than population. c. less rapidly than prices. d. less rapidly than population.
The key difference between monopolistic competition and perfect competition is that in monopolistic competition the tangency of
a. AC and the demand curve occurs along the negatively sloped part of AC. b. the demand curve and AC occurs at the minimum point of the AC curve. c. AC and the demand curve occurs along the positively sloped part of AC. d. MC and MR at the optimum output.
An example of a final service is:
A. getting the oil changed in your car. B. a used car. C. Tires purchased by Ford to put on their new Explorers. D. a tire to replace your flat.