What is the most common method for allocating resources in the United States? Options: Force, First come-First serve, Counting the number of freckles on each person’s nose, Markets

U1 Behavioral Economics

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1.
FLASHCARD QUESTION
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Back
Markets
2.
FLASHCARD QUESTION
Front
Productive Cooperation: Requires that people be willing to sacrifice their own well being to make other people better off.
Back
Requires that people be willing to sacrifice their own well being to make other people better off.
3.
FLASHCARD QUESTION
Front
Market allocation of goods and services: Can only be achieved when producers and consumers have enough information to make good decisions.
Back
Can only be achieved when producers and consumers have enough information to make good decisions.
4.
FLASHCARD QUESTION
Front
The biggest advantage of allocating through markets is that it:
Back
Motivates people to produce more of the goods and services that people want most.
5.
FLASHCARD QUESTION
Front
What will determine if the government program to help homeless people actually helps them?
Back
The incentives created by the program.
6.
FLASHCARD QUESTION
Front
Which of the following best describes the benefit and cost of allocating a good by first come-first serve?
Back
Benefit—it gives people without the opportunity to make much money working a better chance to compete successfully for the good. Cost—the competition doesn’t result in more of the goods people want being produced.
7.
FLASHCARD QUESTION
Front
Behavioral economics…
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Combines economics and psychology to study why people behave the way they do in the real world
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