Which of the Following Is an Example of Bounded Rationality

question 104

Multiple Choice

Which of the following is an example of bounded rationality?

• A) Ann proofreads her term paper six times.
• B) Mary feels that she has studied enough to make an A+ on her economics exam but studies another two hours just to be sure.
• C) Tim studies only an hour on the morning of his economics exam because he is satisfied just to make a passing grade.
• D) Terry does his economics homework twice to be sure that he has a thorough understanding of the topic.

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Definitions:

Brainstorm

A creativity technique designed to generate a large number of ideas for the solution of a problem.

Raise Money

The process of collecting financial resources from individuals or organizations, typically for starting a business, supporting a cause, or funding a project.

Chief Executive Officers

The highest-ranking executives in a company, responsible for making major corporate decisions, managing overall operations, and acting as the main point of communication between the board of directors and corporate operations.

Effective

Relates to something that achieves its intended purpose or goal in a successful manner.