The assumption of rationality in economics implies that:
A) people perfectly understand their own preferences.
B) people can overcome economic obstacles in the best possible way.
C) people can make accurate calculations and they have a perfect foresight.
D) people make choices with an eye toward attaining objectives they have chosen.
Correct Answer:
Verified
Q2: The human mind's abilities to reason and
Q3: Heuristics economize on the mental capabilities of
Q4: A highly technical product is more likely
Q5: The math and graphics used in economics
Q6: Economic models simplify reality and help us
Q7: Rationality is a normative concept.
Q8: Which of the following is a positive
Q9: Economists use the phrase, "dollar bills left
Q10: When an economy's limited resources are moved
Q11: When the method used to collect a
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