Bounded Rationality Refers to the Limits Imposed on Decision Making

question 159

True/False

Bounded rationality refers to the limits imposed on decision making because of costs, human abilities, time, technology, and/or availability of information.

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Definitions:

Birth Rate

The number of live births per thousand people in a population within a given year.

LDCs

Less Developed Countries, which are nations with lower levels of income, industrialization, and modernization.

Industrial Countries

Nations that are characterized by a high level of industrialization, technological advancement, and a relatively high standard of living.

Birth Rates

The number of live births per thousand of the population per year.