Economists Use the Term _____ to Emphasize the Point That

question 53

Multiple Choice

Economists use the term _____ to emphasize the point that people do not have perfect knowledge or perfect insight.

• A)fallacy of composition
• B)rational self-interest
• C)cold call
• D)cognitive bias
• E)bounded rationality

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Definitions:

Habituation

the process by which an organism decreases or ceases its response to a stimulus after repeated or prolonged exposure.

Classical Conditioning

The teaching technique where, through the continuous association of two stimuli, a reaction that is initially caused by the second stimuli is later caused by the first stimuli on its own.

Skinner

Refers to B.F. Skinner, an American psychologist known for his work in behaviorism and the development of the theory of operant conditioning.

Tolman

Refers to Edward Chace Tolman, an American psychologist who contributed significantly to the study of learning and cognition through the concept of latent learning and cognitive maps.