In the arena of decision making, the choice that will automatically take place if the chooser fails to make an active decision is called the:
A. choice option.
B. default option.
C. processing option.
D. auto option.
Answer: B
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"Duopoly" is
A) another name for monopoly. B) a special type of monopolistic competition. C) a two-firm oligopoly. D) a game with three players. E) the situation when a firm sets a duo (two) of different prices for its customers.
The demand for labor is derived from the demand for final goods which that labor is used to produce
a. True b. False Indicate whether the statement is true or false
If price is cut and demand is elastic, total revenue will rise because
A) the change in quantity demanded is greater than the percent change in price. B) the percent change in quantity demanded is greater than the change in price. C) the percent change in quantity demanded is greater than the percent change in price. D) customers can't find substitutes.
In periods of generally rising prices,
a. real GDP will grow faster than nominal GDP. b. nominal GDP will grow slower than real GDP. c. real GDP will grow slower than nominal GDP. d. real GDP and nominal GDP will grow at the same rate.