Why do people "have" to make choices? And why are all choices considered rational "from an...
Why do people "have" to make choices? And why are all choices considered rational "from an economic point of view"?
Homework Answers
Whenever we talk about resources, we always have a limited amount of it. We have to manage between the present resources and due to this limited number of resources we have to make a choice or a decision to select the best among the given options
Every person can't select everything so he or she must take a decision among those and that we called a CHOICE
The points above mentioned proves why among the best-selected choice, people have to be rational or logical about their decision so that they get maximum utility or satisfaction
As a consumer, they always try to get the best of their budget so they are considered RATIONAL when it comes to choice.
Add Answer to:
Why do people "have" to make choices? And why are all choices
considered rational "from an...
Ethical Decision Questions Do people that make rational choices deserve the same level of care as...
Ethical Decision Questions Do people that make rational choices deserve the same level of care as those who make irrational decisions?
9. Why is rational ignorance important from an economic standpoint? I. Voters might not make informed...
9. Why is rational ignorance important from an economic standpoint? I. Voters might not make informed choices. II. Voters will make decisions based on incorrect or incomplete information. III. Special interest groups may control economic outcomes if they are the only ones who are not rationally ignorant. I only I and II only II and III only O I, II, and III
1) Markets are efficient because people make choices. a) individual b) irrational c) rational d) good...
1) Markets are efficient because people make choices. a) individual b) irrational c) rational d) good Submit
QUESTION 20 If people have rational expectations, they are correct at least 50 % of the...
QUESTION 20 If people have rational expectations, they are correct at least 50 % of the time do not make systematic and correctable errors in predictions sometimes overestimate, but never underestimate, economic variables revise their expectations upward when their predictions are too low
what is considered rational by one person may not be rational to another person because What...
what is considered rational by one person may not be rational
to another person because
What is considered "rational" by one person may not be "rational" to another person because Select one: a. Of ethical considerations that give rise to different value judgments. b. People have different preferences. C. Of the effects on the decision rendered by considering the future. d. Some people may have access to more information than others. e. All of the above.
When people make financial choices such as the decision to borrow money, many people do not...
When people make financial choices such as the decision to borrow money, many people do not think about the interest rate itself. For some, the question is merely whether or not the loan payment is affordable. If the payment is affordable and the interest is high, what is the third variable that many individuals frequently overlook? Is this something you have done?
The traditional economic framework assumes that people make rational economic decisions, that is, that they act...
The traditional economic framework assumes that people make rational economic decisions, that is, that they act in ways that maximize their utilities. However, behavioral economists have found evidence that is inconsistent with economists’ rationality assumptions. Which of the following is an example of evidence of irrational behavior? (Note: Read carefully.) a. Some stock market investors rush to invest their money when stock prices are rising rapidly. b. Some people are willing to drive an extra mile to save $10 on...
Standard neoclassical economic theory treats people as “rational beings” that make decisions by comparing “marginal benefits”...
Standard neoclassical economic theory treats people as “rational beings” that make decisions by comparing “marginal benefits” to “marginal costs.” What do economists mean by this? Recognizing that assumptions are always simplifying, what are the strengths and weaknesses of this assumption in predicting economic behavior, both among individuals and in the economy as a whole? What other assumptions might work better?
5. If most people have rational expectations, how long will recessions last? 6. Explain why the...
5. If most people have rational expectations, how long will recessions last? 6. Explain why the neoclassical economists believe that nothing much needs to be done about unemployment. Do you agree or disagree? Explain?
• How do individuals allocate scarce resources? (How do people make choices?) • How do markets...
• How do individuals allocate scarce resources? (How do people make choices?) • How do markets allocate scarce resources? • Is market allocation desirable?
9. Why is rational ignorance important from an economic standpoint? I. Voters might not make informed choices. II. Voters will make decisions based on incorrect or incomplete information. III. Special interest groups may control economic outcomes if they are the only ones who are not rationally ignorant. I only I and II only II and III only O I, II, and III
1) Markets are efficient because people make choices. a) individual b) irrational c) rational d) good Submit
QUESTION 20 If people have rational expectations, they are correct at least 50 % of the time do not make systematic and correctable errors in predictions sometimes overestimate, but never underestimate, economic variables revise their expectations upward when their predictions are too low
what is considered rational by one person may not be rational
to another person because
What is considered "rational" by one person may not be "rational" to another person because Select one: a. Of ethical considerations that give rise to different value judgments. b. People have different preferences. C. Of the effects on the decision rendered by considering the future. d. Some people may have access to more information than others. e. All of the above.
5. If most people have rational expectations, how long will recessions last? 6. Explain why the neoclassical economists believe that nothing much needs to be done about unemployment. Do you agree or disagree? Explain?
Most questions answered within 3 hours.
-
A regression equation that describes the relationship between
the amount of the bill ($) at a...
asked 36 minutes ago -
exercise on VSEPR and molecular structrue.
octahedral
SeCl62-
TeCl62-
ClF62-
distorted
SeF62–
IF6–
asked 1 hour ago -
284 mL of a 0.52 M potassium hydroxide solution is added to 467
mL of a...
asked 1 hour ago -
Little’s Law: Val d’Costa is a world famous ski village in the
French Alps. Because of...
asked 1 hour ago -
Find the absolute error D for the calculation if A + B/C=D A=
9.4 +/- 0.4...
asked 2 hours ago -
New Air Heating and Cooling, manufactures furnaces and central
air units. The company pride itself on...
asked 2 hours ago -
A coach uses a new technique to train gymnasts. Seven
gymnasts were randomly selected and their...
asked 4 hours ago -
While rotating the tires on your car you notice a rock [mass =
0.1 Kg] stuck...
asked 6 hours ago -
Using MARS simulator, write MIPS programs according to
the following scenarios: Receive a positive integer number...
asked 8 hours ago -
An object in front of a concave mirror has a real image that is
11.5 cm...
asked 8 hours ago -
Consider the reaction, C3 H8 + O2 --> CO2 + H2O. How many
moles of O2...
asked 10 hours ago -
You and your opponent both roll a fair die. If you both roll the
same number,...
asked 10 hours ago