Behavioral economics uses concepts and theories to explain the systematic patterns in how we behave that lead to consistently erroneous decisions. These patterns are called:
A. cognitive biases in the field of psychology.
B. cognitive dissonance in the field of psychology.
C. receptive biases in the field of anthropology.
D. disruptive biases in the field of anthropology.
Answer: A
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When the marginal product of labor exceeds the average product of labor
A) the average product of labor is increasing. B) the average product of labor is decreasing. C) the total product curve is negatively sloped. D) the firm is experiencing decreasing returns to scale.
Workers in Adam Smith's famous pin factory example, who were proficient in pin production, then faced the problem of
a. too many different tasks. b. becoming bored with their jobs. c. having to exchange pins for other goods and services. d. not having enough pins to purchase other goods and services.