Which of the following describes that people cannot examine every possible choice available to them but instead use simple rules of thumb to sort among the alternatives that happen to occur to them?
A. normative economics
B. ceteris paribus
C. self-interest
D. bounded rationality
Answer: D
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a. Due to declining average fixed costs b. Due to rising average fixed costs c. Due to declining marginal costs d. Due to rising marginal costs
A public good is any good or service that users collectively consume and there is no way to bar free riders
a. True b. False Indicate whether the statement is true or false
Today's supply curve for gasoline could shift in response to a change in
a. today's price of gasoline. b. the expected future price of gasoline. c. the number of buyers of gasoline. d. All of the above are correct.
An expansion of the money supply by the country's central bank
A. decreases the willingness of banks to lend money. B. reduces the price level. C. causes domestic interest rates to fall. D. increases the level of international capital inflows.