Economics Midterm Multiple Choice

They explained that: “Changes in incentives influence human behavior in predictable ways”. The main point of this concept is that the more attractive an option is the more likely an individual to choose it. Another point that they also focused on was the fact that if a particular product more costly, the more unappealing it will become to the consumer. They used examples such as employees will worker harder if they feel that they will be greatly rewarded or a student will study material that they feel will be on an

7. Evaluate the statement: "If there are sacrifices to be made for human progress, it is not essential to hold to the principle that those to be sacrificed must make the decision themselves?"

c. The Johnsons own a piece of investment real estate. They paid $500 of real property taxes on the property and they incurred $200 of expenses in travel costs to see the property and to evaluate other similar potential investment properties.

12. What was the effect of the lifting of the requirement mentioned in question 11?

In 1980, the legislature passed several amendments to address these issues. By codifying fair share standards so that wealthier municipalities bore a greater share of the LIH burden, the state legislature took a significant step in managing growth in a more logical, equitable manner.

Consider the following three scenarios. Respond to the reflection questions related to each scenario with your suggestions for government action in complete sentences.

Bundle at $60- Only the top two categories of patrons are ready to pay this amount for both the concerts together. The revenue we get is $120.

Thirdly, Adam Smith wrote the most powerful incentive is Self–interest. The reason for this is that people will work harder and more efficiently if they can keep the majority of the earn and he also explained that if governments grow to greedy, they will discourage and wreck peoples confidence from trying create their own wealth. He explained that Self-interest is an unchangeable part of human nature. So he was saying that it is wise for the government to let personal incentives build a richer economy. Smith’s idea was thought to be kind of like Karl Maxi’s Utopia but it is found to be way more sophisticated.

MUS 110CL Concert Critique Guidelines and Rubric After either attending a live concert or watching a full length concert online, write a critique of the performance following the format below. Here are a few examples of full length concerts you can find online (by conducting a web search using the criteria below) that could be used for this assignment:         Coldplay Live In Boston 2012 (Full Concert DVD) Sting: If on a winters night-Live from Durham Cathedral 2009 (watch all 14 songs on concert) Eric Clapton, Jeff Beck, Jimmy Page, Ron Wood, Bill Wyman, Jan Hammer, Charlie Duke Ellington The Great Paris Concert Richard Galliano/Winton Marsalis - Billie Holiday meets Edith PIAF Wynton Marsalis and the Lincoln Jazz Center

Firstly, our example illustrates how people respond to incentive. In economics, an incentive is defined as any factor that provides a motive for a particular course of action. This example is exemplified in our first customer. Perhaps, the promotion encourages her to purchase an extra bottle of X shampoo now instead of later. By doing so, the BOGO 1.5 promotion can be classified as an incentive which ensures her decision. As she rationalizes her decision to purchase an extra shampoo, she demonstrates that everyone do respond to incentives. In contrast, the promotion does not have the effect on the second consumer because it does not provide incentive therefore not applicable to him and his choice as a consumer.

trace of the concert ever being there. A concert can entertaining and exhilarating because one gets to see their favorite artist and experience something

a. Assuming the most current operational cost levels, what sales must it generate to recoup the above investment?

5) Describe example of incentive, opportunity, and attitude conditions that were present in the situation

Thus, many people would think that there is no reason to participate actual concerts by spending money. I have the same opinion, even since I have fascinated by some music the orchestra played. The technology like digital records today allows us to listen to high-quality music, or sometimes these have even better quality than real concerts. In fact, the symphony I listed was almost nothing different from the video on YouTube except the feeling in terms of the atmosphere. However, I realized this atmosphere is the most important advantage of actual concert and the reason why still so many people love to listen to music at concert halls. Without these enthusiastic audiences, the field of music has never developed and won’t develop in the future.

b. Employers to pay more productive workers higher rate than others using a “scientifically correct “rate that would benefit both the company and workers.