Tom Is in the Market for a New Oven for His

question 12

Multiple Choice

Tom is in the market for a new oven for his home. He compares several models at the store. Using the price/quality heuristic (high price is gauge for high quality) , he concludes that the new Electrolux Oven is the best choice since it is the most expensive oven on the market. However, Tom knows nothing about this brand and so he is not confident that he is making the right choice. According to the heuristic/systematic model, what should Tom do?

• A) Tom will go with his decision based on the price/quality heuristic he employed.
• B) Tom will allow central route processing to correct his potential error in judgment.
• C) Tom will engage additional heuristics and see if that changes his thinking.
• D) Tom will search for additional peripheral cues to make him more confident.
• E) Tom will engage in the systematic route and think more carefully about this decision.

Analyze the relationship between private property treatment and the extinction threat to species.

Comprehend the economic rationale behind resource extraction timing relative to price fluctuations.

Define and understand the management challenges of common resources, such as fisheries.

Calculate and understand the concept of present value in the context of resource valuation over time.

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Definitions:

Positive Reinforcers

Stimuli that, when introduced after a behavior, increase the likelihood of that behavior occurring in the future.

Negative Reinforcers

In behavioral psychology, an unpleasant stimulus that, when removed after a behavior, increases the frequency of that behavior.

Removal from

The act of taking something or someone away from a particular place, condition, or association.

Administering Punishment

The act of imposing a penalty or discipline as a response to unacceptable behavior or actions.