Since the Beginning of the 1990s,the "Economic Miracle" Used to Describe

question 1

Multiple Choice

Since the beginning of the 1990s,the "economic miracle" used to describe the growth of the Japanese economy has

• A)led to a backlash against rampant consumerism.
• B)been a source of continuing pride for the Japanese people.
• C)been extended due to careful management by the Japanese government.
• D)has reeled from recession to the next,from bad economic straits to worse

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Definitions:

Behavioral Economics

The branch of economic theory that combines insights from economics, psychology, and biology to make more accurate predictions about human behavior than conventional neoclassical economics, which is hampered by its core assumptions that people are fundamentally rational and almost entirely self-interested. Behavioral economics can explain framing effects, anchoring, mental accounting, the endowment effect, status quo bias, time inconsistency, and loss aversion.

Rational Decision Making

A systematic process of defining problems, evaluating alternatives, and choosing the most optimal solution based on logical and analytical reasoning.

Utility

The want-satisfying power of a good or service; the satisfaction or pleasure a consumer obtains from the consumption of a good or service (or from the consumption of a collection of goods and services).

Costly Temptations

Unnecessary expenses or indulgences that can detract from long-term financial goals and stability.