Question 1 Which of the following assumptions is consistent with neoclassical ec

Question

Question 1

Which of the following assumptions is consistent with neoclassical economics?

Question 2

Behavioral economists question the assumption of ______________ in the neoclassical framework.

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Question 3

Behavioral economists focus on the mental process behind decision making because:

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Question 4

Heuristics are basically ______________.

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Question 5

Cognitive biases are ________________.

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Question 6

The tendency to pay attention only to the information that agrees with one's preconceptions is known as _____________.

Question 7

When a change in context causes people to react differently to a particular piece of information or to an otherwise identical situation, this is known as the _______________.

Question 8

Which of the following statements is the most consistent with prospect theory?

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Question 9

The fact that individuals have a difficult time imagining future benefits implies that there is a strong bias towards current benefits. This is known as __________.

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Question 10

Which of the following statements is most consistent with the experimental evidence found in the dictator game?

Explanation / Answer

1)People avoid difficult computations if possible

2)complete rationality

3)it should allow economists to make better predictions about behavior

4)mental shortcuts

5)misperceptions or misunderstandings that cause systematic errors

6)confirmation bias

7)framing effect

8)People experience loss aversion, meaning that for losses and gains near the status quo, losses are felt much more.

9)time inconsistency

10)People are only fair or non-selfish if there is strict oversight

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