Economists assume that most individuals respond in ______ ways to changing circumstances.

In the 1973 movie Save the Tiger, Jack Lemmon plays Harry Stoner, the CEO of a clothing manufacturer whose business has fallen on hard times

In one of the key scenes of the movie, Stoner tries to convince his partner that they should hire someone to burn one of their buildings in order to collect on their insurance policy. Harry Stoner's actions are an example of A) asymmetric information. B) adverse selection. C) moral hazard. D) self-interest.

If Joe buys a coffee at Starbucks, his money serves as a

A) unit of accounting. B) standard of deferred payment. C) store of value. D) medium of exchange.