One baseline assumption that economists make is:
A) people are rational utility maximizers.
B) people will always choose short-term benefits to longer-term payoffs.
C) people will not always choose what makes them happiest.
D) people are unpredictable.
Correct Answer:
Verified
Q1: Utility is:
A)useful in describing a person's preferences
Q6: Mary makes a New Year's resolution to
Q7: Revealed preference is:
A) the idea that people's
Q7: A utility function is:
A)a formula for calculating
Q8: Utility is:
A)maximized by rational individuals.
B)revealed by observing
Q9: Bart is seen standing in front of
Q9: After browsing his cabinets to see what
Q10: Utility is:
A)difficult to measure because it is
Q11: When economists observe someone make a choice,they
Q19: Billy is deciding whether to watch TV
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents