Rather Than Seeking to Rationally Understand Everything That Is Involved

question 26

Multiple Choice

Rather than seeking to rationally understand everything that is involved in a particular policy or optimize every action taken to address a problem,policy makers may actually seek to ________,which can lead to less-than-rational and less-than-efficient public policy.

• A) use bounded rationality
• B) rationalize
• C) satisfice
• D) table

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Definitions:

Conflicting Duties

Situations where an individual or entity has responsibilities that are at odds with each other, making it difficult to fulfill both.

Apparent Authority

Apparent authority refers to a situation where a reasonable person would understand that an agent has the authority to act on behalf of a principal, even if the agent does not have actual authority.

Business Expenses

Costs incurred in the operation of a business, which are typically deductible from the business income for tax purposes.

Personal Expenses

Outlays or expenditures that individuals make for personal, non-business activities, goods, or services.