An Introductory Course in Economics Should Allow a Student to

question 140

Multiple Choice

An introductory course in economics should allow a student to

• A)turn into an economist.
• B)develop solutions to most social problems.
• C)answer all complex social questions.
• D)make rational decisions.
• E)All of these responses are correct.

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Definitions:

Time Inconsistency

The tendency of people to change their plans about future actions due to a preference for immediate gratification over future reward.

Cognitive Bias

A systematic pattern of deviation from norm or rationality in judgment, whereby inferences about other people and situations may be drawn in an illogical fashion.

Behavioral Economics

An area within economics analyzing how various psychological, emotional, cognitive, cultural, and social elements affect the decision-making processes in economics of both individuals and organizations.

Net Change

The difference in an entity's value between two points in time, commonly used in reference to stock prices or financial performance.