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We all face potential hazards in our workplaces and in our homes. Ideally we can eliminate or control many of these; however, if and when they occur, a Risk Assessment Plan is our best defense. To understand the preparation and use of such a plan, consider your past or present workplace or your home. 1.Identify […]
Endowment effects. # Surveys and experiments reveal that people sometimes demand much more to give up something that they have than they would be willing to pay to acquire it. To illustrate, contrast a situation in which people have an opportunity to “sell” the clean air that they currently enjoy to a polluter to the […]
1. What conditions must hold for a monopoly to exist? 2. Suppose that the local government determines that the price of food is too high and imposes a ceiling on the market price of food that is below the equilibrium price in that locality. Predict some of the consequences of this ceiling. 3. The minimum […]
1. How do full employment and high wages contribute to the power of fines as a deterrent? 2. What are the main sources of randomness in the contemporary criminal justice system? 3. Do you think that this randomness discourages or encourages crime? 4. Opponents and proponents of capital punishment deny that their beliefs depend on […]
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