According to a Recent Five-Year Survey of U

question 34

Multiple Choice

According to a recent five-year survey of U.S.business ownership, the number of black-owned businesses rose

• A)45 percent
• B)450 percent
• C)90 percent
• D)25 percent
• E)4.5 percent

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Definitions:

Behavioral Economists

Scholars who examine how psychological, cognitive, emotional, cultural, and social aspects influence the economic choices made by individuals and institutions.

Preferences

The subjective tastes and desires of individuals or groups, influencing their choices among various goods, services, or outcomes.

Framing

The way information is presented to influence decision-making and judgment.

Simplifying Assumptions

Basic conditions that modelers set to make complex economic analyses more manageable and understandable.