Decision making that seeks only solutions that are acceptable is called
A. optimizing.
B. satisficing.
C. benchmarking.
D. maximizing.
Answer: B
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When a rent ceiling is imposed in a housing market, the opportunity cost of housing equals the
A) rent. B) market equilibrium rent that would prevail in the absence of a rent ceiling. C) value of the time and resources spent searching plus the rent. D) consumer surplus.
What factors are not important in determining exchange rate fluctuations in the long run?
A) preferences for domestic and foreign goods across countries B) speculating in currency markets C) relative price levels across countries D) relative rates of productivity growth across countries
Zane's Vanes is a service that restores old weather vanes. Zane has just spent $125 purchasing a 1920s-era weather vane which he expects to restore and sell for $500 once the work is completed. After having spent $125, Zane realizes that he will need to
spend an additional $200 on materials to complete the restoration. Alternatively, he can sell the weather vane without restoring it for $200. What should he do? A) He should sell the weather vane now to make the most profit. B) It does not matter what he does; he is going to take a loss on the project. C) He should finish the restoration and then sell the weather vane. D) He should sell the weather vane back to the party he purchased it from and cut his losses.
Survivor bias
A. can only occur in studies involving people of significant age difference. B. is a type of selection bias. C. is relatively insignificant with respect to economic research. D. all of the above