Question

In: Economics

What is the task of rational choice theory? a. to identify the feelings and emotions influencing...

What is the task of rational choice theory? a. to identify the feelings and emotions influencing consumers' decisions b. to identify the trade offs consumers are willing to accept with respect to product attributes c. to identify or discover the one optimal choice for the decision confronting the decision maker d. to identify the cognitive structure of consumers when making a choice

If Fred plays tennis every day, but tells his wife he would rather be working longer hours at his job, economists would say which of the following about his behavior, assuming that his work hours are totally up to him. : a. Fred has a preference for tennis over work at the times he plays tennis. b. Fred prefers to work rather than to play more tennis since that is what he tells his wife. Economists are not about to question a person's motives. c. Fred is irrational because he is not doing what he says he wants to do. d. There is no way to model the behavior of someone who claims one thing and does another.

Neoclassical economic theory claims to a. describe human actions in as realistic a manner as possible. b. have tools which predict normal and abnormal behavior. c. arrive at the best available predictions by assuming that people merely act as if they constantly calculated costs and benefits of all actions. d. do all of the above.

Which statement is true of a typical market supply and demand situation? : a. At equilibrium supply equals demand and the quantity supplied equals the quantity demanded. b. At a price lower than the equilibrium price, demand has increased from where it was at equilibrium c. At a price higher than equilibrium more goods are sold because firms find it profitable to produce more. d. All of the above statements are true for a market situation.

Rationality in economics implies that: : a. people are unable to assess their own preferences. b. people follow their own interests c. people have similar, if not identical IQs. d. no one can be considered irrational.

Homo Economicus, as a model of behaviour, ... : a. focuses on personal material costs and benefits rather than other more social values. b. would be a good guide for people to follow in their relationships with others. c. is built on trust of others which is why it works in a free society where trust is important. d. includes many motives for behavior that are not usually part of economic thinking.

The law of supply implies that: : a. the supply curve slopes upward. b. firms are enticed to supply more output if the price is higher c. costs of providing goods and services rise as more output is generated. d. all of the above are true.

The term ‘empty world economics’ implies that : a. the lack of natural capital is the limiting factor in economic development b. the lack of human-made capital is the limiting factor in economic development c. the lack of human capital is the limiting factor in economic development d. all of the above

Solutions

Expert Solution

1. Task for rational choice theory is to identify or discover the one optimal choice for the decision confronting the decision maker.

2.If fred plays tennis everyday, but tells his wife that he would rather be working for longer hours at his job then,fred has a preference for tennis over work at the time he plays tennis.

3.Neoclassicls theory claims to describe the human actions in as realistic manner as possible

Have tools whoch predicts normal and abnormal behavior

Arrive at the best available predictions by assuming that people merely act as if they constantly calculated costs and benefits of all actions.

4. Which statement is true

All of the statements are true.. at equilibrium supply equals demand and quantity supplied equals quantity demanded. And at a lower price than equilibrium price, demand will increase and at a price higher than equilibrium demand will increase and more goods are sold so firm find it profitable to produce.

5. Rationality in economics implied that

people folloe their own intersets.

6. Homo economicus, as a model of behaviour, Focuses on personal material costs and benefits rather than other more social values

7. The law of supply implies that

The supply curve slopes upward, Firms are enticed to suply more output if the price is higher. And cost of providing goods and services rise as more output generated.

8. The term ' empty world economics' implies that the lack of human made capital is the limiting factor in economic developmemt.


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