In Economics, We Assume Rational Decisions Are Made When Individuals

question 43

Multiple Choice

In economics, we assume rational decisions are made when individuals weigh the:

• A)sunk costs versus the benefits of an action.
• B)sunk costs versus the opportunity costs of an action.
• C)opportunity costs versus the benefits of an action.
• D)opportunity and sunk costs versus the benefits of an action.

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Definitions:

High Culture

Culture consumed mainly by upper classes.

Abstract Art

Art that uses shapes, colors, forms, and gestural marks to achieve its effect rather than depicting objects or people realistically.

Special Education

is a tailored educational program designed to meet the unique needs of students with disabilities.

Training

The process of acquiring specific skills or enhancing existing skills through practice and instruction for a particular purpose.