Suppose You Are Forced to Take a Pay Cut of 5

question 100

Multiple Choice

Suppose you are forced to take a pay cut of 5% when the economy is experiencing overall deflation of 5%.If in response to your pay cut you also reduce your consumption by 5%,then economists would say:

• A) you made a rational decision.
• B) you are exhibiting money illusion.
• C) your real wage decreased by 5%.
• D) the quantity theory of money held.

Compare and contrast the methodologies and goals of Stoicism and Hedonism in achieving the good life.

Understand the differences between hedonism, egoism, altruism, and ethical theories.

Identify the stance of psychological egoism regarding human motivation.

Explain Epicurus's perspective on religion and happiness.

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