« previous next »

Author Question: Explain the economic idea that people respond to incentives. What will be an ideal ... (Read 78 times)

tiara099

  • Hero Member
  • *****
  • Posts: 588
on: Jun 29, 2018
Explain the economic idea that people respond to incentives.
 
  What will be an ideal response?

Question 2

Why might a nation that has an absolute advantage in the production of a good or a service still not be able to find a trading partner?
 
  What will be an ideal response?


cpetit11

  • Sr. Member
  • ****
  • Posts: 321
Reply #1 on: Jun 29, 2018
Answer to Question 1

Human beings act from a variety of motives, including religious belief, envy, and compassion. People respond to incentives means that people will act in the way that they feel is in their best interest.

Answer to Question 2

The reason is that even though this nation has an absolute advantage in the production of this good it may not have a comparative advantage in its production.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Today, nearly 8 out of 10 pregnant women living with HIV (about 1.1 million), receive antiretrovirals.

Did you know?

Hippocrates noted that blood separates into four differently colored liquids when removed from the body and examined: a pure red liquid mixed with white liquid material with a yellow-colored froth at the top and a black substance that settles underneath; he named these the four humors (for blood, phlegm, yellow bile, and black bile).

Did you know?

Addicts to opiates often avoid treatment because they are afraid of withdrawal. Though unpleasant, with proper management, withdrawal is rarely fatal and passes relatively quickly.

Did you know?

Inotropic therapy does not have a role in the treatment of most heart failure patients. These drugs can make patients feel and function better but usually do not lengthen the predicted length of their lives.

Did you know?

There are major differences in the metabolism of morphine and the illegal drug heroin. Morphine mostly produces its CNS effects through m-receptors, and at k- and d-receptors. Heroin has a slight affinity for opiate receptors. Most of its actions are due to metabolism to active metabolites (6-acetylmorphine, morphine, and morphine-6-glucuronide).

Paths taken by honeyguides leading people to bees' nests Paths taken by honeyguides leading people to bees' nests
Early cities were small economic centers surrounded by walls to keep out enemies. These cities had ... Early cities were small economic centers surrounded by walls to keep out enemies. These cities had ...
economic question economic question
economic question economic question
economic question (having trouble) economic question (having trouble)
Economic question 5 Economic question 5
Video: First Stage of Labor and Delivery Video

For a complete list of videos, visit our video library