Question

In: Economics

Which of the following are characteristics of NeoclassicalEconomics? (Select all that apply)individuals use rules...

Which of the following are characteristics of Neoclassical Economics? (Select all that apply)


individuals use rules of thumb


individuals act independently of one another


reference points matter


rational preferences


individuals use mental accounting


firms maximize profits

Solutions

Expert Solution

There are 3 central assumptions in Neo Classical School of thought:

a. People have rational preferences.

b. Individuals maximise utility, firms maximise profits.

c. People acts independently on the basis of full and relevant information.

Lets analyse each case based on above assumptions.

1. Incorrect, individuals do not use rule of thumb as this will not lead them to have rational preferences and maximise utility.

2. Correct, as stated in assumptions.

3. Incorrect, as individuals are rational they will not fall for rational points bias (this means bias where individuals tend to ascertain gains or losses based on some reference point).

4. Correct, as stated in assumptions.

5. Incorrect, Mental accounting is bias in behavioural economics but this theory assumes individuals are rational which means they do not have bias while taking decisions involving economics.

6. Correct, as stated in assumptions.


Related Solutions

1. Which of the following statements are true of snort? (select all that apply) Snort rules...
1. Which of the following statements are true of snort? (select all that apply) Snort rules are free through community distribution Snort rules can be written by users/administrators. Snort rules allow the software to understand all unwanted traffic Snort rules are free through subscription
1. Which of the following are characteristics of the Normal Distribution? (Select all that apply) bell...
1. Which of the following are characteristics of the Normal Distribution? (Select all that apply) bell shaped continuous discrete symmetric 2. X~N(335, 50). Find the z-score corresponding to an observation of 284. -1.02 6.7 1.02 -6.7
q18. select all that apply Which of the following are characteristics of resources with inelastic demand?...
q18. select all that apply Which of the following are characteristics of resources with inelastic demand? Revenue moves in the opposite direction from price Revenue increases as the quantity supplied decreases Price times quantity, which measures the contribution to GDP, increases as the quantity produced decreases, even if this means that some people must reduce their consumption with terrible impacts on their health and welfare. Substitutes are readily available Price moves in the same direction as quantity Price and quantity...
Question 4 Select all that apply Which of the following are chemical property characteristics that could...
Question 4 Select all that apply Which of the following are chemical property characteristics that could impact pharmacokinetics? A. formulation B. half life C. patient age D. interactions E. disease
Which of the following scenarios contain nonbiased samples? Select all that apply. Select all that apply:...
Which of the following scenarios contain nonbiased samples? Select all that apply. Select all that apply: To estimate the mean height of students at her school, Kelly collects data by selecting a random group of students within her classroom. Elizabeth wants to estimate the mean grade point average of students at her school. She collects data by recording the grade point average of every 25th student on the list of students after a randomly selected first student. Andrew wants to...
1- Select the characteristics that nearly all stratification systems share. (Select all characteristics that apply. You...
1- Select the characteristics that nearly all stratification systems share. (Select all characteristics that apply. You may choose more than one.) The positioning of social categories tend to change quickly. People’s opportunities and experiences are shaped by how their social categories are ranked. The positioning of social categories tend to change slowly. People are ranked in a hierarchy according to common characteristics. People’s opportunities and experiences are shaped by the amount of effort they put into their work and their...
Which of the following statements is incorrect? Select all that apply.
 Which of the following statements is incorrect? Select all that apply. The eukaryotic ribosome uses both the 5' cap and the 3' tail to correctly position the ribosome on the initation codon GTP is hydrolyzed by aminoacyl-tRNA synthetases to prepare amino acids for attachment to tRNAs The peptidyl-transferase activity of the ribosome is catalyzed by one of the protein domains of the large ribosomal subunit The Shine-Dalgarno consensus sequence is located downstream of the initiation codon and base pairs with the 16S rRNA of...
A subquery can select which of the following in MySQL? (Select all that apply) • A...
A subquery can select which of the following in MySQL? (Select all that apply) • A single row and a single column • Multiple rows with a single column • Mutiple rows and multiple colmns • A single row with multiple columns
Which of the following compounds cannot form a pyranose? Select all that apply. Select all that...
Which of the following compounds cannot form a pyranose? Select all that apply. Select all that apply from the following: D-allose D-altrose D-­arabinose D-erythrose D-erythrulose D-fructose D-­galactose D-­glucose D-­glyceraldehyde D-­gulose D-idose D­‐lyxose D-­mannose D‐psicose D-ribose D-ribulose D-­sorbose D-tagatose D-talose D-­threose D‐xylose D-­xylulose None of the above
Which of the following homeostatic processes requires calcium? (Select all that apply.) Check All That Apply...
Which of the following homeostatic processes requires calcium? (Select all that apply.) Check All That Apply neural communication blood clotting bone repair and growthbone repair and growth production of gametesproduction of gametes muscle contraction
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT