How would a behavioral economist characterize the effect of fairness on consumer decision making?
a. It is the most important determinant of consumer choice.
b. It is not as relevant to consumer choice as framing biases.
c. Although it is essential to the traditional economic model, it is not part of the behavioral economic model.
d. It works in concert with a variety of other factors to affect consumer choice.
d. It works in concert with a variety of other factors to affect consumer choice.
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"No person can be deprived of life, liberty or property without due process of law, nor shall private property be taken for public use without just compensation."
a. Article 1 of the Declaration of Independence b. The first amendment c. The Eleventh Amendment d. The Fifth Amendment e. None of the above
How does taking factors of investment, government spending, and net exports into account change the level of aggregate expenditure?
a. It increases the level of aggregate expenditure. b. It decreases the level of aggregate expenditure. c. It has no effect on the level of aggregate expenditure. d. It depends on the level of consumption.
Between the first quarter of 2000 and the first quarter of 2006, the value of housing wealth
A. increased by about $13 trillion per quarter. B. decreased by about $7 trillion per quarter. C. increased by about $500 billion per quarter. D. decreased by about $600 billion per quarter.
A good way to reduce unemployment in rural areas is to
a. encourage migration of surplus labor to the cities b. encourage manufacturing and service activities in the rural areas c. increase the labor intensity of agricultural production d. improve the technological sophistication of agricultural production e. none of the above