Herbert Simon Believed That the Public Uses Rules of Thumbs

question 93

Multiple Choice

Herbert Simon believed that the public uses rules of thumbs to predict inflation in the future because:

• A) inflation is usually constant.
• B) the public lacks the sophistication needed to analyze the complexity of the economy.
• C) he believes that the public is irrational.
• D) the economy moves in very predictable ways.

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Definitions:

Union Shop Contracts

Agreements requiring employees to join a union within a certain period after being hired.

Right-To-Work State

A state that prohibits agreements between labor unions and employers that make membership, payment of union dues, or fees a condition of employment, either before or after hiring.

Moderate Union

A labor union that adopts a less confrontational stance towards employers and focuses on negotiation and compromise.

Out-Of-Turn Promotion

A promotion given to an employee ahead of others, typically bypassing the standard protocol or hierarchy.