1. What is wrong with these statements from the standpoint of standard economics: Your uncle utters at the dinner table:

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1 What Is Wrong With These Statements From The Standpoint Of Standard Economics Your Uncle Utters At The Dinner Table 1 (54.03 KiB) Viewed 34 times

1. What is wrong with these statements from the standpoint of standard economics: Your uncle utters at the dinner table: “even after imposing double penalties for motorists speeding over 50 km/hour in our neighborhood, and 80km/hour at the nearby highway, motorists still speed. Such penalties are useless.” b. A country issues a new law that states: “if any person is caught doing a misdemeanor for the third time, the person would receive a prison sentence of 50 years. [Examples of misdemeanors include petty theft, prostitution, public intoxication, simple assault, disorderly conduct, trespassing, vandalism, reckless driving, and indecent exposure] c. A sociologist states: “social values have evolved in the 1960s in the US to accept cohabitation (partnership between two people without marriage) as normal because of greater appreciation of liberty.”