When Anna Goes Shopping for Groceries Every Week,she Buys the Same

question 100

Multiple Choice

When Anna goes shopping for groceries every week,she buys the same brand of orange juice that her family has been consuming for years.She picks up the juice without looking at the product information prior to buying it.Which of the following types of decision-making approaches is Anna is most likely adopting while buying orange juice?

• A) Extended decision making
• B) Rational decision making
• C) Habitual decision making
• D) Involved decision making
• E) Timed decision making

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Definitions:

Autarky

An economic system or policy of self-sufficiency where a country attempts to produce everything it needs without engaging in international trade.

Self-Sufficiency

The ability of an individual, community, or nation to provide for all of its needs without external assistance.

Economic Interaction

Economic interaction involves the exchange of goods, services, and resources among individuals, businesses, and governments within and across economies.

Comparative Advantage

The ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than other competitors.