Suppose That You Study Hard, Master the Principles of Economics

question 171

Multiple Choice

Suppose that you study hard, master the principles of economics, and earn a good grade in your economics class. This is an example of a good institution because:

• A) your school is selective; not everyone can get in.
• B) your self-interest in getting good grades aligns with the social interest of having people who understand economics.
• C) everybody gets good grades.
• D) sometimes the invisible hand is absent, not just invisible.

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Definitions:

Introspection

The task of observing one’s own mental processes.

Realistic Accuracy Model

A framework in social psychology that explains how observers can accurately perceive the personality traits of others based on available behavioral cues.

Utilization Function

A concept in economics and resource management referring to how effectively a service or resource is used for its intended purpose.

Acquaintance Judgments

Pertains to evaluations or assessments made about a person based on familiarity or brief interactions.