Behavioral economics uses concepts and theories to explain the systematic patterns in how we behave that lead to consistently erroneous decisions. These patterns are called:
A. cognitive dissonance in the field of psychology.
B. disruptive biases in the field of anthropology.
C. receptive biases in the field of anthropology.
D. cognitive biases in the field of psychology.
D. cognitive biases in the field of psychology.
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A perfectly inelastic demand means:
A. consumers will change the quantity they purchase when price changes. B. demand will drop to zero if the price increases by any amount. C. consumers will not change the quantity they purchase when price changes. D. the demand curve is perfectly horizontal.
The Interstate Commerce Commission was created to check the monopoly power of ________ and ended up protecting them from the competitive forces of _________
a. passenger rail service; interstate bus companies b. the Civil Aeronautics Board; the Federal Communications Commission c. airlines; automobiles d. railroads; truck transportation e. railroads; inland barge service
Suppose that the CPI in 1990 was 150, that the inflation rate in 1991 was 6%, and that the inflation rate in 1992 was 4%. What was the CPI in 1991 and 1992?
Matt has decided to purchase his textbooks for the semester. His options are to purchase the books online with next day delivery at a cost of $175, or to drive to campus tomorrow to buy the books at the university bookstore at a cost of $170. Last week he drove to campus to buy a concert ticket because they offered 25 percent off the regular price of $16. The benefit to Matt of buying his books at the university bookstore instead of online is:
A. $175 B. $5 C. $170 D. $9