When Economists Say That People Choose Rationally, This Means

question 26

Multiple Choice

When economists say that people choose rationally, this means

• A) they gather all relevant information before making their purchases
• B) once a pattern of behavior has been established, people tend to become set in their ways
• C) people respond in predictable ways to changes in costs and benefits
• D) people rarely make errors when they are permitted to make transactions
• E) once made, decisions are never reversed

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Definitions:

Red Blood Cells

Cells found in blood that are responsible for carrying oxygen from the lungs to the body's tissues and returning carbon dioxide from the tissues back to the lungs.

Anemia

A condition characterized by a lack of enough healthy red blood cells to carry adequate oxygen to the body's tissues, resulting in fatigue and weakness.

Hematocrit

A blood test measurement that indicates the percentage of red blood cells in a volume of blood.

Allergy Scratch Test

A diagnostic test to identify substances to which an individual is allergic, involving a small scratch on the skin with the allergen.