Macroeconomics
13th Edition
ISBN: 9781337617390
Author: Roger A. Arnold
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 20.3, Problem 3ST
To determine
Explain whether the economist uses different preferences to explain different behaviors.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
What is an Economist
Political biases have no impact on an economist’s opinions? True or False
A model of saintlihood and altruism, when Mother Teresa accepted the Nobel Prize for Peace in October 1979 and decided to use the $190000 award to build a hospital for the treatment of people with leprosy, was she acting in her own interests? was she behaving selfishly? was she economizing?
Knowledge Booster
Similar questions
- What advantage does economics have over the other social sciences that study human behavior?What does it have in common with the other social science? Elaborate.arrow_forwardWhat factors do economists suppose influence the amount of education people choose to obtain? What are some events that could influence the decision in this framework?arrow_forwardWhat does it mean to think like an economist?arrow_forward
- Which scenario illustrates initiative as a motivator for behavior change? José notices that he doesn’t feel well when he drinks milk, so he eliminates milk from his diet. Alan’s girlfriend will buy him a new shirt if he stops using chewing tobacco. Gretchen thinks about how happy her doctor will be when he hears that she has been exercising regularly. Mike decides to take boxing lessons so that he can defend himself from bullies.arrow_forwardWhat is Pareto Improvement and Fairness in economic?arrow_forwardA central idea of economics is that by observing changes in ________, we can predict how choices change. enticements motivation incentives inducementarrow_forward
- Peer pressure is an important influence on the behavior of youngsters. For instance, many preteens begin smoking because their friends pressure them into being “cool” by smoking. Using utility theory, how would you explain peer pressure? How would this compare with the explanations provided by behavioral economics and neuroeconomics?arrow_forwardDo you find your opinion leaning towards traditional or behavioral economic beliefs?arrow_forwardWhy will economics never be an exact science? No sciences are exact. It studies the actions of people, and human behavior is very hard to predict. You may not conduct experiments on people. It is a physical science, and physical sciences are usually not exact.arrow_forward
- Why must economic theories and models be abstract?arrow_forwardHow does Fisher Effect affect the market interest rate?arrow_forwardWhich of the following would be the least likely thing an economist would study? What new platforms are teens and young adults using to download music and movies? What is the effectiveness of a new $50 million government campaign to keep teens from vaping? What types of movies do children like to watch in the summer? What are the health effects of new energy drinks on young consumers?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning