Jerome Has a "C" Average in His Philosophy Course and a "B

question 52

Multiple Choice

Jerome has a "C" average in his philosophy course and a "B" average in his economics course. He decides to study an extra hour for his philosophy exam. This is an example of

• A) thinking at the margin.
• B) using assumptions to simplify.
• C) ceteris paribus.
• D) caveat emptor.

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Definitions:

Milton Friedman

An influential American economist known for his strong belief in free-market capitalism and a minimal role for government in the economy.

Free Market Ethics

Moral principles or standards governing fair and competitive practices in a market economy without undue government intervention.

Duty To Rescue

A legal or moral obligation to provide assistance to a person in danger or distress, under certain circumstances.

Pre-existing Duty

A rule in contract law that states if someone is already legally obligated to perform a certain duty, promising to perform that same duty does not constitute a valid consideration for a new contract.