A Heuristic Is A(n)____

question 60

Multiple Choice

A heuristic is a(n) ____.

• A)shortcut to problem solving,also known as a "rule of thumb"
• B)technique to improve memory and mental processing
• C)analytical technique based on self-knowledge and self-reflection
• D)precise,step-by-step set of rules that will reliably generate a solution to a problem

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Definitions:

Abhijit Banerjee

An economist known for his research in the field of development economics, particularly for his work on poverty alleviation and for being a recipient of the Nobel Prize in Economics.

Consumption Decisions

Choices made by individuals, firms, or governments regarding which goods or services to allocate their limited resources toward.

Comparative Advantage

The ability of an individual, company, or country to produce a good or service at a lower opportunity cost than competitors. This concept is one of the fundamental principles of economics that helps explain the gains from trade.

Absolute Advantage

The capacity for a person, business, or nation to create a product or offer a service with a per-unit expense that's beneath the cost any other party can achieve for that same product or service.