Questions in Interviews and on Questionnaires Asking Those Responding to Choose

question 46

Multiple Choice

Questions in interviews and on questionnaires asking those responding to choose from among a set of specified responses are:

• A) specific questions.
• B) closed-ended questions.
• C) open-ended questions.
• D) structured questions.
• E) stratified questions.

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Definitions:

Utility-Maximizing

Refers to the economic principle that individuals or firms aim to achieve the highest satisfaction or benefit from their resources and choices under certain constraints.

Behavioral Economics

The study of psychological, social, cognitive, and emotional factors on the economic decisions of individuals and institutions and how those decisions vary from those implied by classical theory.

Basic Economic Theory

Refers to the foundational concepts and principles that explain how individuals, firms, and governments make decisions on allocating scarce resources to satisfy unlimited wants.

Rational Consumers

Consumers who make choices to maximize their utility, based on preferences, budget constraints, and available information.