Answered: John Stossel’s Video “GREED,” by ABC…

Ciccarelli: Psychology_5 (5th Edition)

5th Edition

ISBN:9780134477961

Author:Saundra K. Ciccarelli, J. Noland White

Publisher:Saundra K. Ciccarelli, J. Noland White

Chapter1: The Science Of Psychology

Section: Chapter Questions

Problem 1TY

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Question

John Stossel’s Video “GREED,” by ABC News. 45-minute video
Greed (ABC 20/20 - 1998) (with English subtitles) - YouTube

1. If greed in some measure seems to be a rather universal characteristic, is it possible channel or direct
it to achieve good results or socially acceptable ends? Explain.

2. The poet John Donne said “No man is an island, entire of itself; every man is a piece of the continent,
a part of the main...” As you recall Mr. Stossel’s steak dinner, explain what would undoubtedly happen
to your personal standard of living if you were live a completely self-sufficient life-style? What would
you spend most of your time doing?

3. Would it ever be logical – be in your best interest to turn down a pay raise?
4. Explain how people respond to incentives and how markets turn self-interested behavior to the
benefit of consumers.

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