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- Political biases have no impact on an economist’s opinions? True or FalseA recent trend in health insurance is the Health Savings Account (HSA). The idea behind Health Savings Accounts is that rather than providing employees with health insurance that makes visiting doctors cost little more than a simple $10 or $20 copay the employer gives the employee money to use to spend on health care, but the employee bares the entire cost of seeing the doctor. What money given for health care not spent by the employee can be withdrawn by the employee as if it was additional income. It is believed that Health Savings Accounts will reduce the total amount of money spent on seeing doctors. Using Supply and Demand analysis, explain why there is the expectation that HSA’s will reduce spending on doctors.The idea that standard economic model is a good predictor of behavior if people have sufficient time to learn is the __________preference hypothesis.
- Define the Fisher effect. To what extent do empirical tests confirm that the Fisher effect exists in practice?In what ways do human decision making differ from rational conventional economic theorydescribe ways in which human decisions making differs from the rational individual conventional economic theory
- Watch on YouTube Questions: A) Detail and describe a decision that you made in the past that contradicts the assumption of rationality in standard economic theory? How and why was it irrational according to standard economic theory?Ways in which human decision making differs from the rational individual conventional economic theoryElements of Mathematical Economics
- What are the responsibilities of an economic analyst? Elaborate in complete sentences using mathematical terms.Behavioral economics assumes that people are ___. Traditional economics assumes that people are ___.I am driving in the desert and discover that I am really low on gasoline. I find a roadside park and someone there offers to sell me 5 gallons for $50 (which, he says, should get me to the nearest gas station). I am desperate and so I agree to the deal. The most likely reason explaining why the individual made this decision is based on factors.