An Economic Person Does NOT

question 204

Multiple Choice

An Economic Person does NOT

• A)make rational decisions.
• B)make decisions like the average consumer or manager.
• C)use economic gain to evaluate the correctness of decisions.
• D)have adequate information to make good decisions.
• E)use logic in making decisions.

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Definitions:

Margin of Error

A measure of the uncertainty or potential error in survey or poll results, indicating the range within which the true value is likely to fall.

Real Estate Agent

A licensed professional who arranges transactions between buyers and sellers of real estate properties.

Confidence Level

The probability, expressed as a percentage, that a parameter lies within a specified range of values, as calculated by a confidence interval.

Confidence Interval

An interval of values based on sample data, expected to encompass the value of a parameter of an unobserved population.