Answer the following: 2. Which of the following is the MOST valid assumption about money? * A. Money may alter one’s perspective about other people who have less than what they have. B. The more money you have, the more law-abiding and charitable you also become. C. More people are motivated by business value than social value in times of crisis. D. When people are money conscious, they tend to share financial burdens with others. 5. Considering the different influences of money on people, whose opinion is least likely to be FALSE? A. In a webinar about cryptocurrency, Elon says, “money only influences those who do not have much of it. At a certain point, money becomes irrelevant to people” B. Juan, whose Honda Civic was damaged by a speeding Ferrari, angrily shouts, “Rich people don’t care! They can just hire lawyers or pay-off judges to rip off poor people like me! It’s the rich who are unlawful!” C. Kim Karrot, born to affluent parents, is being accused of class essentialism and being an elitist. She defends herself by saying, "There’s only one way to be wealthy, and that’s through hard work. Everything I have, it's all because I worked my butt off. Others could do it too if they tried hard enough." D. All of the above 6. When asked by the local news how Patrick managed to earn enough money to build his own house at only 24 years old, he explained that it was only through his sheer “diskarte”, hard work, and intelligence. What does his statement infer about him, and what concept does this situation reflect? A. Patrick likely belongs to the upper class in terms of socio-economic status and is exhibiting class essentialism B. Patrick likely belongs to the middle class in terms of socio-economic status and is motivated by business value C. Patrick likely has poor people mentality and manifests grit and social value D. Patrick likely belongs to the lower class in terms of socio-economic status and is exhibiting self-interest maximization

Answer the following: 2. Which of the following is the MOST valid assumption about money? * A. Money may alter one’s perspective about other people who have less than what they have. B. The more money you have, the more law-abiding and charitable you also become. C. More people are motivated by business value than social value in times of crisis. D. When people are money conscious, they tend to share financial burdens with others. 5. Considering the different influences of money on people, whose opinion is least likely to be FALSE? A. In a webinar about cryptocurrency, Elon says, “money only influences those who do not have much of it. At a certain point, money becomes irrelevant to people” B. Juan, whose Honda Civic was damaged by a speeding Ferrari, angrily shouts, “Rich people don’t care! They can just hire lawyers or pay-off judges to rip off poor people like me! It’s the rich who are unlawful!” C. Kim Karrot, born to affluent parents, is being accused of class essentialism and being an elitist. She defends herself by saying, "There’s only one way to be wealthy, and that’s through hard work. Everything I have, it's all because I worked my butt off. Others could do it too if they tried hard enough." D. All of the above 6. When asked by the local news how Patrick managed to earn enough money to build his own house at only 24 years old, he explained that it was only through his sheer “diskarte”, hard work, and intelligence. What does his statement infer about him, and what concept does this situation reflect? A. Patrick likely belongs to the upper class in terms of socio-economic status and is exhibiting class essentialism B. Patrick likely belongs to the middle class in terms of socio-economic status and is motivated by business value C. Patrick likely has poor people mentality and manifests grit and social value D. Patrick likely belongs to the lower class in terms of socio-economic status and is exhibiting self-interest maximization

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Answer the following:

2. Which of the following is the MOST valid assumption about money? *

A. Money may alter one’s perspective about other people who have less than what they have.

B. The more money you have, the more law-abiding and charitable you also become.

C. More people are motivated by business value than social value in times of crisis.

D. When people are money conscious, they tend to share financial burdens with others.

5. Considering the different influences of money on people, whose opinion is least likely to be FALSE?

A. In a webinar about cryptocurrency, Elon says, “money only influences those who do not have much of it. At a certain point, money becomes irrelevant to people”

B. Juan, whose Honda Civic was damaged by a speeding Ferrari, angrily shouts, “Rich people don’t care! They can just hire lawyers or pay-off judges to rip off poor people like me! It’s the rich who are unlawful!”

C. Kim Karrot, born to affluent parents, is being accused of class essentialism and being an elitist. She defends herself by saying, "There’s only one way to be wealthy, and that’s through hard work. Everything I have, it's all because I worked my butt off. Others could do it too if they tried hard enough."

D. All of the above

6. When asked by the local news how Patrick managed to earn enough money to build his own house at only 24 years old, he explained that it was only through his sheer “diskarte”, hard work, and intelligence. What does his statement infer about him, and what concept does this situation reflect?

A. Patrick likely belongs to the upper class in terms of socio-economic status and is exhibiting class essentialism

B. Patrick likely belongs to the middle class in terms of socio-economic status and is motivated by business value

C. Patrick likely has poor people mentality and manifests grit and social value

D. Patrick likely belongs to the lower class in terms of socio-economic status and is exhibiting self-interest maximization

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