If an Economist Believes That Choice Architecture Is Important, He

question 67

Multiple Choice

If an economist believes that choice architecture is important, he or she is more likely to be a:

• A) traditional economist.
• B) Keynesian economist.
• C) behavioral economist.
• D) formal economist.

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Definitions:

Short Run

A period in economics during which some factors of production are fixed, limiting the ability of the economy or a firm to adjust to changes.

Real GDP

The market value of all final goods and services produced within a country in a given period, adjusted for inflation.

Recessions

Phases of momentary economic slump that lead to a reduction in trading and industrial activities, frequently identified by declining GDP in two successive quarters.

Aggregate Demand

The total demand for all goods and services in an economy at a given general price level and in a given time period.