1. Which of the following is not a component of the neoclassical economic model? a) Profit maximizing-firms b) Utility-maximizing households c) Altruistic individuals d) Perfectly competitive markets e) Perfect information 2. A rational economic agent ... a) has perfect information about the consequences of her actions. b) performs complex cost-benefit calculations. c) maximizes her utility. d) helps others only when the benefits to her outweigh her costs. e) all of the above 3. What could prevent someone from acting "rationally"? a) Lack of information b) Conflicting emotions c) The influence from others d) Altruism e) All of the above 4. Education is most likely to result in an increase in which type of capital? a) Natural capital b) Human capital c) Embodied capital d) Nonrenewable capital e) Produced capital
1. Which of the following is not a component of the neoclassical economic model? a) Profit maximizing-firms b) Utility-maximizing households c) Altruistic individuals d) Perfectly competitive markets e) Perfect information 2. A rational economic agent ... a) has perfect information about the consequences of her actions. b) performs complex cost-benefit calculations. c) maximizes her utility. d) helps others only when the benefits to her outweigh her costs. e) all of the above 3. What could prevent someone from acting "rationally"? a) Lack of information b) Conflicting emotions c) The influence from others d) Altruism e) All of the above 4. Education is most likely to result in an increase in which type of capital? a) Natural capital b) Human capital c) Embodied capital d) Nonrenewable capital e) Produced capital
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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