The economic way of thinking is c. a biased perspective, but the existence of bias does not mean the discipline should be condemned.
<h3>What can be said of the economic way of thinking?</h3>
The economic way of thinking is biased based on the school of economics that a person subscribes to such as Keynesian or New Classical.
This does not mean that we should condemn the discipline however because it still provides valuable insights on how to allocate resources.
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Answer: your question is not complete.
I will assume this is the complete question.
You are at Memorial Stadium for a football game. Unfortunately, there are many empty seats because your team isnt very good and neither is its opponent. As you watch the game you are eating a hot dog. Which of the following is a correct statement?
A. Both the hot dog and the game are private goods.
B. Both are public goods.
C. The hot dog is a private good and the game is a common pool resource.
D. The hot dog is a private good and the game is a toll good.
THE ANSWER IS D.
THE HOT DOG IS A PRIVATE GOODS AND THE GAME IS A TOLL GOODS.
Explanation:
A private goods is when the feasibility of exclusion is easy and consumption is subtractive. That is when you own a goods, which only you have access to the benefit of the goods. THIS MAKES THE HOT DOG A PRIVATE GOODS BECAUSE ONLY HIM HAS ACCESS TO THE BENEFIT OF SATISFACTION BEEN DERIVED FROM THE HOT DOG HE WAS EATING.
A toll goods is when the feasibility of exclusion is easy, but consumption of benefit is joint. This is a type of goods or service that everyone can enjoy and the benefit is not meant for only one person, but for many. THIS MAKES THE GAME A TOLL GOODS BECAUSE HE IS NOT THE ONLY ONE WATCHING THE GAME, MANY OTHERS ARE ALSO WATCHING THE SAME GAME WITH HIM, AS THE GAME IS OPEN FOR EVERYONE TO WATCH.
hope this answers your question
How Did Colonists React to the Proclamation of 1763? ... A desire for good farmland caused many colonists to defy the proclamation; others merely resented the royal restrictions on trade and migration. Ultimately, the Proclamation of 1763 failed to stem the tide of westward expansion.
