Gene plays another hour of computer games rather than study for the hour even though he knows that the next day, when he takes his test, he will regret his decision. Gene is showing ________
A) the endowment effect
B) bounded rationality
C) bounded self-interest
D) bounded will power
D
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Which of the following is NOT an assumption of perfectly competitive markets?
A) many buyers and many sellers B) no restriction on entry C) complete information about prices D) new entrants have higher costs
According to estimates of the Taylor rule, monetary policy was too tight
A) from 1960 to 1965. B) from 1965 to 1979. C) in the 1980s. D) in the 1990s.
A benefit that accrues without compensation to someone other than the person who caused it is called:
A. an external benefit. B. a network benefit. C. a social benefit. D. a private benefit.
Prices
a. solve the problem of distribution of products among consumers. b. act as rationing devices. c. under laissez faire produce an efficient allocation of resources. d. do all of the above.