Homework 1.pdf - Econ 1014 Homework#1 Due by 11:59pm on Wednesday August 28 Note that this homework file is only for you to record your answer To

Homework 1.pdf - Econ 1014 Homework#1 Due by 11:59pm on...

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Econ 1014 Homework #1 Due by 11:59pm on Wednesday, August 28. Note that this homework file is only for you to record your answer. To complete the homework for grading, you must submit your answers through the online homework assignment. 1. Label the following as true or false based on the big ideas of economics: (3 pts) I: The invisible hand refers to the fact that people will always do what is in their own self-interest even though this provides no benefit to the public at large. II: Houston Rockets center Clint Capela has a contract stipulation in which he will be given a $500,000 bonus if he shoots over 65% from the free throw line. This contract structure highlights the idea that incentives are effective ways of improving performance. III: The inventor of the polio vaccine, Jonas Salk, refused to patent his discovery and insisted that it should be available at a low price to everyone in the world. This highlights the main idea that most firms are not particularly motivated by the pursuit of profit. 2. During the Middle Ages, expensive castle-based warfare was the dominant method of conflict. Warfare was also the main function of government. Which reason best
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