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Chapter 1: Q 1.4 (page 1)
Explain why economics is a science.
Economics is considered a science because it considers the cause and effect relationship and is based on predictions and assumptions.
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Why do you suppose that economists sometimes disagree about whether to classify freelancers who provide paid consulting services to businesses as "workers" or "firms"?
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.
Under what circumstances might people appear to use rules of thumb, as suggested by the assumption of bounded rationality, even though they really were behaving in a manner suggested by the rationality assumption?
State whether each of the following functions specifies a direct or an inverse relationship.
a. y = 5x
b. y = 10 - 2x
c. y = 3 + x
d. y = 鈭�3x
In what way do small talk and gossip represent the use of simplifying assumptions?
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