When Comparing the Standard Models in the Respective Fields of Economics

question 47

Multiple Choice

When comparing the standard models in the respective fields of economics and psychology,it is clear that:

• A) both economists and psychologists always assume that people behave in a fully rational way.
• B) both economists and psychologists always assume that people do not act in a fully rational way.
• C) neither economists nor psychologists always assume that people behave in a fully rational way.
• D) economists generally assume that people behave in a rational way, whereas psychologists generally do not assume this.
• E) psychologists generally assume that people behave in a rational way, whereas economists generally do not assume this.

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Definitions:

Ancient Greek

Referring to the civilization of Greece in the classical and pre-classical periods, known for its significant contributions to art, philosophy, politics, and science.

Imposing Will

The act of enforcing one's desires or decisions upon others, often disregarding their consent or preferences.

Industrial Revolution

A period of major industrialization that took place during the late 1700s and early 1800s, transforming economies, societies, and manufacturing processes.

Migration Movement

The process of movement by people from one place to another with the intentions of settling, permanently or temporarily, at a new location.