Economists Normally

question 150

Multiple Choice

Economists normally

• A)do not try to explain people's tastes,but they do try to explain what happens when tastes change.
• B)believe that they must be able to explain people's tastes in order to explain what happens when tastes change.
• C)do not believe that people's tastes determine demand,so they ignore the subject of tastes.
• D)incorporate tastes into economic models only to the extent that tastes determine whether pairs of goods are substitutes or complements.

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Definitions:

Self-reference

Self-reference pertains to the inclusion or consideration of oneself in understanding and relating to concepts or events.

Chunking

A method of organizing or grouping pieces of information together to improve the efficiency of memory recall.

Forgetting

The loss or change of memory over time, which can involve the inability to recall information, experiences, or skills.

Encoding

The first step in memory; the process by which information gets into memory storage.