For Macroeconomic Purposes, It Is Assumed That All Consumers in the Economy

question 38

Multiple Choice

For macroeconomic purposes, it is assumed that all consumers in the economy

• A)exhibit different preferences.
• B)are diverse.
• C)are identical.
• D)exhibit differences.
• E)are not identical.

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Definitions:

Decision-Making

The method of selecting options through recognizing a decision, collecting data, and evaluating different solutions.

Representativeness Heuristic

Bases a decision on similarities between the situation at hand and stereotypes of similar occurrences.

Stereotypes

Oversimplified and generalized beliefs about a group of people that often do not reflect reality.

Programmed Decisions

Decisions that are made following established guidelines or procedures, typically for routine and recurring situations.