The hypothesis that people are nearly, but not fully rational, cannot possibly fully examine every available choice, and utilize simple rules of thumb in making decisions is known as the
A) irrationality hypothesis.
B) ceteris paribus hypothesis.
C) individual aggregation hypothesis.
D) bounded rationality hypothesis.
D
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The table above shows how the number of books Katie buys each year depends on her income a. What kind of relationship exists between Katie's income and the number of books she purchases? b
Plot the relationship between Katie's income and the number of books she purchases in the above figure. Measure income along the vertical axis and the number of books along the horizontal axis. Be sure to label the axes. c. What is the slope of the relationship between $50,000 and $70,000 of income? d. What is the slope of the relationship between $90,000 and $110,000 of income? e. Comment on the similarity or dissimilarity of your answers to parts (c) and (d).
Long Beach Island, off the coast of New Jersey, is considering building a system of satellite towers that will enhance communication during emergencies such as hurricanes
The efficient quantity of satellite towers is definitely the quantity of such that the A) marginal social cost is equal to the marginal social benefit. B) marginal private cost is equal to the marginal social benefit. C) marginal social cost is less than the marginal social benefit. D) marginal private cost is less than the marginal social benefit.
A _____ of representative democracy is it _____
a. downside; increases decision-making costs b. benefit; increases decision-making costs c. downside; reduces decision-making costs d. benefit; reduces decision-making costs
All of the following are characteristics of public goods EXCEPT
A) Public goods can be used by more people at no additional cost. B) The good can be consumed by everyone at the same time without reducing what is available for anyone else. C) the exclusion principle D) The goods are perfectly divisible.