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ECO 561T Week 3 Practice Knowledge Check
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ECO 561T Week 3 Practice Knowledge Check

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ECO 561T Week 3 Practice Knowledge Check 1)If people use the representative heuristic they assume that something is ___ likely to belong to a category the more it shares characteristics thought to be representative of membership in that category 2)The ______ heuristic is the rule of thumb that estimates the frequency of an event by the ease with which it is possible to summon examples from memory 3)In traditional economic models the decision-maker often referred to as homo economicus is assumed to be 4)Altruistic 5)The rule of thumb According to which the likelihood of something belonging to a particular category increases with the extent to which it shares characteristics with the stereotypical members of that category is the ___ terroristic 6)According to the availability heuristic people are more likely to think an event occurs frequently when they 7)____Is the property of an entity whose individual units are interchangeable 8)Judgmental and decision ____ are rules of thumb that reduce computation cost 9)Although traditional economic models assume that well-being depends on absolute consumption there is considerable evidence that well being 10)___Is a decision-making strategy that aims for adequate results because optimal results May necessitate excessive expenditure of resources 11) The estimation technique that begins with an initial approximation which is then modified in accordance with additional available information is referred to as ___ 12)The tendency to experience losses as more painful than the pleasure that result from gains of the same magnitude is known as 13)The variant of the rational Choice model that permits additional preferences to be added if they can be shown not to handicap resource acquisition in competitive environments is known as the ___ 14)In traditional economic models homo economicus refers to a decision maker who 15)According to the Weber fechner law the perceived change in any stimulus is larger when the change 16)One problem with the ___ heuristic is that there are many factors that influence the likelihood that someone belongs to a particular 17)The general resistance to change often stemming from loss aversion is known as 18)The traditional economic models assume that well-being depends on 19)The ___ standard of rationality is a variant of the rational Choice model that promotes greater flexibility and assumptions about preferences but suffers from the criticism that virtually any bizarre behavior Can be explained 20)Regression to the mean refers to the phenomenon in which unusual events are 21)The relationships According to which the perceived change and any stimulus varies according to the size of the change measured as a proportion of the original stimulus is called the___ 22)The defining feature of loss aversion is that 23)The fact that people sometimes regret having chosen behaviors whose consequences were perfectly predictable at the outset____ by traditional economic models 24)A(n) ___Is a game which the first player has the power to confront the second player with a take-it-or-leave-it offer 25)If people discount the future excessively then government programs designed to encourage saving 26)When Tversky and Khaneman asked one group of people to imagine that, having previously purchased a ticket for $10, they arrived at the theater to discover they have lost their ticket and a second group to imagine that they arrived just before the performance to buy a ticket and find they have lost $10 from their wallets, they found that people in the lost ticket group were more likely to say they would ___ the performance even though the rational choice model predicts that people in ___. 27)According to the representative heuristic, people will think that Cameron likes to go camping if 28)The individual pursuit of Maximum utility will not necessarily lead to an efficient allocation of resources if people care about 29)Policies that restrict___ can be best understood as an attempt to limit the potential harm caused by impulse control problems 30)Suppose that it has been a long time since anyone Talia knows has lost his or her job. According to the availability heuristic, this will tend to make Talia think that 31)When researchers compare people who are asked to imagine that, having previously purchased a ticket for $10, they arrived at the theater to discover they have lost their tickets to people who are asked to imagine that they arrived just before the performance to buy a ticket and find they have lost $10 from their wallet, which group is more likely to say that they would still attend the performance 32)Legal and social sanctions against adultery can be seen as a way to help people overcome 33)Policies that make the individual pursuit of additional wealth less attractive 34)According to the representative heuristic people think Ariel is a musician if 35)When individuals care about how their consumption compares to the consumption of others, then the individual pursuit of Maximum utility 36)When Tversky and Khaneman asked one group of people to imagine that, having previously purchased a ticket for $10, they arrived at the theater to discover they have lost their ticket and a second group to imagine that they arrived just before the performance to buy a ticket and find they have lost $10 from their wallets, The majority of the people in The Lost ticket group say they ___ attend the performance, in the majority of the people in The Lost $10 group say they ___ attend the performance 37)If people care about relative consumption rather than absolute consumption, then individual decisions 38)If people care about how their consumption compares to the consumption of others, then policies that make the pursuit of additional wealth less attractive 39)An imperfectly competitive firm faces a demand curve that is ___, while a perfectly competitive firm faces a demand curve that is ___ 40)Perfectly inelastic; downward-sloping 41)The essential feature That differentiates imperfectly competitive firms from perfectly competitive firms is that an imperfectly competitive firm: 42)A price-setter is a firm that: 43)To sell an extra unit of output, a perfectly competitive firm ____, and an imperfectly competitive firm ___. 44) In many cities in the United States a single firm provides electricity. those firms are: 45)Given the demand curve it faces, if an imperfectly competitive firm wants to sell another unit of output, it must: 46)A monopolistically competitive firm is one: 47)Suppose a perfectly competitive firm and a monopolist are both charging $5 for their respective products. From this, one can infer that: 48)A pure monopoly exists when: 49)If a firm faces a downward-sloping demand curve, then: 50)Suppose a firm’s total revenue is $100 when it sells 10 units, and $110 when it sells 11 units. The firm, therefore, is a(n): 51)If a firm functions in an oligopoly, it is: 52)An imperfectly competitive firm faces a demand curve that is: 53)The Weber-Fechner law is the relationship according to which the perceived change in any stimulus: 54)Natasha is having difficulty deciding between two jobs, A and B. As shown in the accompanying diagram, A is closer to home than B, but doesn’t pay as well. Ideally, Natasha would like a job that both pays well and is close to her home. 55)If Natasha behaves like most decision-makers, then the addition of option C would: 56)_______ is the relationship according to which the perceived change in any stimulus varies according to the size of the change measured as a proportion of the original stimulus. 57)According to the Weber-Fechner law, the perceived change in any stimulus: 58)Corey is having difficulty deciding between two dishwashers, A and B. As shown in the accompanying diagram, A makes more noise than B, but is cheaper. Ideally, Corey would like a dishwasher that is both quiet and inexpensive. 59)If Corey behaves like most decision-makers, then the addition of option C would: 60)Suppose Michael is willing to drive across town to save 40 percent on a sweatshirt with a list price of $80. If Michael is rational, this implies that he should 61)According to the Weber-Fechner law, when the change in a stimulus is large in proportion to the original stimulus, the perceived size of the change will be: 62)Consider two coupons: one offers 50 percent off a scarf that costs $20, and the other offers 5 percent off a jacket that costs $200. Using either coupon requires driving to the shopping mall across town. According to the Weber-Fechner law, which coupon will people tend to perceive as being more valuable? 63)Consider two coupons: one offers 10 percent off a pair of jeans that costs $100, and the other offers 50 percent off a pair of sunglasses that costs $20. Using either coupon requires driving to the shopping mall across town. According to the Weber-Fechner law, which coupon will people tend to perceive as being more valuable? 64)According to the Weber-Fechner law, when the change in a stimulus is small in proportion to the original stimulus, the perceived size of the change will be: 65)The relationship according to which the perceived change in any stimulus varies according to the size of the change measured as a proportion of the original stimulus is known as: 66)Brandon is having difficulty deciding between two jobs, X and Y. As shown in the accompanying diagram, X entails a greater risk of injury than Y, but pays more. Ideally, Brandon would like a job that both pays well and does not entail a high risk of injury. 67)If Brandon behaves like most decision-makers, then the addition of option Z would: 68)Suppose Alyssa is willing to drive across town to save 50 percent on a soccer ball with a list price of $40. If Alyssa is rational, this implies that she should: 69)According to the Weber-Fechner law, the perceived size of a change in a stimulus will be large when the change in the stimulus: 70)Kendra is having difficulty deciding between two cars, A and B. As shown in the accompanying diagram, A has more cargo room than B, but lower gas mileage. Ideally Kendra would like a car both with a lot of cargo room and good gas mileage. 71)If Kendra behaves like most decision-makers, then the addition of option C would: 72)The Weber-Fechner law is the relationship according to which the perceived change in any stimulus:

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