Using incentives, how could we get someone to change their behavior? Increase the benefits of activities we want people to perform O Increase the costs of activities we want people to perform O Give people more information about possible benefits and costs of activities Eliminate the opportunity cost of making choices
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- Would a research study on the effects of soft drink consumption on childrens cognitive development he a positive or normative statement?Sue Tom Good A 10 4 Select one: Good B 15 5 As shown in the table above, Sue and Tom each can produce two different types of goods. For Sue, if she only produces Good A, then she can produce 10 units of Good A per day. If she only produces Good B, then she can produce 15 units of Good B per day. For Tom, if he only produces Good A, then she can produce 4 units of Good A per day. If she only produces Good B, then she can produce 5 units of Good B per day. Which of the following statement is correct about comparative advantage? O a. Tom has a comparative advantage over Sue in the production of Good A. Sue has a comparative advantage over Tom in the production of Good B O b. Tom has a comparative advantage over Sue in both tasks O c. Sue has a comparative advantage over Tom in both tasks O d. Sue has a comparative advantage over Tom in the production of Good A. Tom has a comparative advantage over Sue in the production of Good BWhich of the following is one of the four economic principles of individual decision making? O Rational people make decisions based on average costs and benefits. O Rational people respond to incentives in predictable ways. The cost of something is the amount of money you pay to get it. O Both b and care correct. O a, b, and c are all correct.
- Read the following passage that describes why some consumers clip coupons while others don't. Then answer the question that follows. THE ECONOMIC RATIONALE BEHIND COUPON CLIPPING, BY THE APLIA ECONOMICS CONTENT TEAM If coupon clipping is so rewarding, why doesn't everyone do it? According to basic economic theory, the number one reason is that coupon clipping isn't actually free. Sure, it doesn't explicitly cost you money out of your pocket, but it does cost you time to scan newspapers, magazines, and the Internet for savings that sometimes seem insignificant. Economists refer to this as the opportunity cost of clipping coupons. For example, an hour spent clipping coupons means an hour less to spend earning income, enjoying leisure time, or sleeping. For those who have fewer high-value alternatives competing for their time, such as stay-at-home parents or retired senior citizens, coupon clipping may be time well spent. According to the Wall Street Journal (Source: "Doing the Math on…What is the name for something that changes the trade-offs that people facewhen making a decision?Joab and his friends used to play a game where they put on a dog's electric fence collar and tried to stand over the electric fence line because, after careful consideration of the costs and benefits, they decided that the benefits of watching their friends get shocked outweighed the costs of being shocked themselves. According to the economic way of thinking, by playing this game, Joab and his friends were O not responding to the incentives they faced. making an irrational choice. making a rational choice. not fully considering the costs and benefits of their decision since this is obviously a mistake for anybody to do.
- You can sleep in or you can go to your early morning class. You have an incentive to sleep in if O A. the marginal benefit from sleeping in is greater than the marginal cost of sleeping in OB. no tradeoff occurs by sleeping in OC. the marginal benefit from going to your early morning class is less than the marginal benefit from sleeping in D. the marginal benefit from sleeping in is greater than the marginal cost of going to your early morning class1. Scarcity, opportunity cost, and marginakanalysis Kate is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: Kate has only 20 hours this week that she can devote to training. Each hour she spends swimming is an hour that she can't spend biking or running. Which basic principle of individual choice do these statements best illustrate? O Kate has an incentive to spend more time on swimming than on biking or running. O People usually exploit opportunities to make themselves better off. O People face trade-offs. O Kate can use time most efficiently by spending the same amounts of time on swimming, biking, and running.Explain why choices you made during the Covid-19 pandemic were in your self-interest. Choices you made during the Covid-19 pandemic were in your self-interest if your choices O A. cost less than your income B. didn't harm you C. also benefited the social interest OD. were the best available for you Why might your choices not have been in the social interest? Your choices might not have been in the social interest if *** OA. your choices were rational B. you made your choices at the margin OC. your choices inflict a cost on other people OD. your choices were also in the self-interest
- 3 Ways in which human decisions making differs from the rational individualQuestion 3 The difference between positive and normative economics is best summarized as saying that positive economics is descriptive, while normative economics is prescriptive. O positive economics is pessimistic, while normative economics is optimistic. O positive economics is objective, while normative economics is biased. O positive economics is biased, while normative economics is objective.Anastasia, Emma, and Greta are deciding what to do on a weekend getaway. They each suggest a first, second, and third choice and then vote on the options. Table 18.2 shows their first, second, and third choice preferences. Explain why they will have a hard time teaching a decision. Does the group prefer mountain biking to canoeing? What about canoeing compared to the beach? What about the beach compared to the original choice of mountain biking?