Most people make some decisions based on intuition rather than calculation. This is:
A) irrational, because intuition is often wrong.
B) consistent with the economic model of decision-making, because calculating costs and benefits leads to decision-making pitfalls.
C) consistent with the economic model because people intuitively compare the relative costs and benefits of the choices they face.
D) inconsistent with the economic model, but rational because intuition takes into account non-financial considerations.
Correct Answer:
Verified
Q45: Your classmates from the University of Chicago
Q46: Most of us make sensible decisions most
Q47: Economic models claim to be:
A) reasonable abstractions
Q48: Your classmates from the University of Chicago
Q49: Pat earns $25,000 per year (after taxes),
Q50: If one fails to account for implicit
Q51: Economic models are intended to:
A) apply to
Q54: You paid $35 for a ticket (which
Q55: Your classmates from the University of Chicago
Q59: Your classmates from the University of Chicago
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