Homo economicus is all of the following EXCEPT:
A. well-informed.
B. narrowly self-interested.
C. cognitively naive.
D. highly disciplined.
Answer: C
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What is the effect on the price and quantity of a product if the demand decreases and the supply simultaneously increases?
What will be an ideal response?
An organization that converts inputs (like Labor, Capital etc.) into output is called a
A) firm. B) sole proprietorship. C) corporation. D) All of the above.
Why is time such an important determinant in the elasticity of supply? Is time also important in determining price elasticity of demand? Explain
What will be an ideal response?
Suppose the inflation rate has risen 0.5 percent a year for the past three years. Using this experience an individual forecasts a 0.5 percent rise in the coming year's inflation rate. This is an example of:
a. traditional expectations. b. rational expectations. c. adaptive expectations. d. reflective expectations. e. deductive expectations.