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Chapter 1: Q 1 (page 11)

Could it be the case that chicken farmers who have both humanitarian and profit motives for keeping their chickens comfortable nonetheless are fully "self-interested"? Explain.

Short Answer

Expert verified

Yes, they are fully self-interested because the chickens will lead to more profits which are the criteria for keeping them healthy.

Step by step solution

01

Step 1. Definition of Economics.

Economics refers to the satisfaction of wants by choosing among various alternative uses.

02

Step 2. Reason.

Yes, they are fully self-interested because the chickens will lead to more profits which are the criteria for keeping them healthy. In this case humanitarian and profit-making are self-interested as they are for the benefit of the market.

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Most popular questions from this chapter

Based on your answer to Problems 1–12, categorize each of the following conclusions as being the result of positive analysis or normative analysis.

(a) A higher minimum wage will reduce employment opportunities for minimum wage workers.

(b) Increasing the earnings of minimum wage employees is desirable, and raising the minimum wage is the best way to accomplish this.

(c) Everyone should enjoy open access to health care at no explicit charge.

(d) Heath care subsidies will increase the consumption of health care.

Given the function y=5x, complete the following schedule and plot the curve.

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State whether each of the following functions specifies a direct or an inverse relationship.

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In a single sentence, contrast microeconomics and macroeconomics. Next, categorize each of the following issues as either a microeconomic issue, a macroeconomic issue, or not an economic issue.

(a) The national unemployment rate.

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(c) A family’s choice to have a baby.

(d) The rate of growth of the money supply.

(e) The national government’s budget deficit.

(f) A student’s allocation of study time across two subjects.

One of your classmates, Sally, is a hardworking student, serious about her classes, and conscientious about her grades. Sally is also involved, however, in volunteer activities and an extracurricular sport. Is Sally displaying rational behavior? Based on what you read in this chapter, construct an argument supporting the conclusion that she is.
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