Which of the following describes that people cannot examine every possible choice available to them but instead use simple rules of thumb to sort among the alternatives that happen to occur to them?
A) self-interest
B) bounded rationality
C) ceteris paribus
D) normative economics
Answer: B
Economics
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Economics is best defined as the study of
A) financial decision-making. B) inflation, unemployment, and economic growth. C) the choices made by people faced with scarcity. D) how consumers make purchasing decisions.
Economics
Refer to the information. If the real interest rate is 9 percent, the equilibrium GDP will be:
A. $600.
B. $500.
C. $400.
D. $300.
Economics