A Ratio Can Be Expressed as a Percentage a Rate

question 65

True/False

A ratio can be expressed as a percentage a rate or a proportion.

Recognize leisure as a normal good and its relationship with income.

Understand the combined effect of substitution and income due to wage changes on labor supply.

Understand the diverse forms and platforms of social media.

Identify the unique features and functions of different social media platforms.

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Definitions:

Anchoring

A cognitive bias that describes the human tendency to rely too heavily on the first piece of information offered when making decisions.

Overconfidence Effect

A psychological tendency where a person's personal assurance in their decisions exceeds the actual correctness of those decisions.

Prospect Theory

A behavioral economic theory that describes the way people choose between probabilistic alternatives that involve risk, where the probability of outcomes is uncertain.

Behavioral Economists

Economists who study the effects of psychological, cognitive, emotional, cultural, and social factors on economic decisions of individuals and institutions.