Which of the Following Is Consistent with the Implications of the Economic

question 146

Multiple Choice

Which of the following is consistent with the implications of the economic guidepost that information is costly to acquire?

• A) Most people do not know the names of their legislators in the U.S. Congress, but those same individuals are likely to know the names of all the cast members on a popular TV show.
• B) In considering purchases, people are more likely to purchase a consumer ratings magazine that reviews new automobiles before buying a car, but are unlikely to purchase a consumer ratings magazine that reviews pens and pencils before buying a pen or pencil.
• C) When shopping for something like a new calculator, people will generally not spend the time to do price comparisons at all of the stores in town that sell calculators.
• D) All of the above are consistent with the economic way of thinking.

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Definitions:

Technology Classifications

The systematic categorization of technology types based on characteristics such as function, industry, or application.

James D. Thompson

A scholar known for his contributions to organization theory, especially his work on organizations as systems.

Long-Linked

A description of processes in an organization where tasks and activities are sequentially dependent on each other, creating a chain of production or service delivery.

Research And Development

A set of activities undertaken by businesses or organizations to innovate and introduce new products or services, or to improve existing ones.