Choice architecture can:
A. help people make better choices without eliminating free choice.
B. make it easier for people to make choices that will make them happier in the long run.
C. alter actual decisions and thus the ultimate outcomes.
D. All of these statements are true.
Answer: D
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During times of high unemployment, colleges often observe an increase in enrollment even if tuition remains unchanged. Why?
A. The opportunity cost of attending college is higher when unemployment is high. B. The benefit of attending college is lower because college graduates are less likely to find jobs. C. The opportunity cost of attending college is lower when unemployment is high. D. Students go to college even when the net benefit is negative.
Policy makers who believe that the costs of unemployment are very high will tend to favor which of the following during a recessionary gap?
a. moderate fiscal stimulus, no monetary stimulus b. fiscal and monetary tightness c. moderate monetary stimulus, fiscal tightness d. strong fiscal and monetary stimulus
Expected value is:
A. the sum of all probabilities of all possible outcomes of a future event occurring. B. the average probability of all possible outcomes of a future event occurring, weighted by each possible outcome individually. C. the average of each possible outcome of a future event, weighted by its probability of occurring. D. None of these statements is true.
A country's production possibilities will grow if it
a. produces more guns than butter. b. lowers its opportunity costs. c. makes more trade-offs. d. increases its resources.