When Most Economists Wake Up in the Morning,their First Decision

question 49

Multiple Choice

When most economists wake up in the morning,their first decision is whether to hit the snooze bar on the alarm clock.What statement best represents their thought process as rational decision-makers?

• A) I had a really late night grading exams, and I deserve 10 more minutes of sleep.
• B) The total amount of work I have to do today is rather small, so the total benefit to going to work for a full 8 hours is also small.
• C) The total amount of work I have to do today is rather small, so the marginal cost of going to work 10 minutes late is small.
• D) The total amount of work I have to do today is rather small, so the marginal benefit of sleeping 10 more minutes is rather large.
• E) The marginal benefit of sleeping 10 more minutes is greater than the marginal benefit of 10 more minutes of work.

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Definitions:

Gestalt Psychologists

Psychologists who focus on how people interpret and perceive wholes out of the pieces of information available to them.

Sensory Stimulation

Input to one or more of the senses, which can affect a person's physical and emotional state or their level of awareness.

Genetic Components

The elements of an organism's genetic makeup, including genes and DNA sequences, that determine inherited characteristics.

Sensitivity

The quality of being responsive or susceptible to environmental changes or to the feelings of others; a capacity for noticing and responding to stimuli or emotional cues.