Economic Theory

question 1

Multiple Choice

Economic theory

• A)expresses normative values
• B)invents imaginative and interesting stories
• C)predicts the behavior of a specific economic decision maker after an economic change
• D)predicts the average behavior of a group of similar economic decision makers after an economic change
• E)uses only perfect and complete information

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Definitions:

Stable Attribution

An individual's tendency to believe that a person's behavior or outcome is due to traits or situations that are consistent over time.

Unstable Attribution

A cognitive process where individuals inconsistently or unpredictably attribute causes or reasons to their own or others' behaviors.

Outgroup

A social group to which an individual does not identify or belong, often seen as fundamentally different or apart from one's ingroup.

Subculture

A cultural group within a larger culture, often having beliefs or interests at variance with those of the larger culture.