10e_Test Bank_Chapter 21_Final

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1、AllFile:Chapter21ThinkingLikeaModernEconomistTrue/False[Question]1.Ifaneconomistwantedtounderstandwhypeopledon’tbuylifeinsurance,hewouldwanttousethedeductiveapproach.Ans:FalseAACSB:ReflectiveThinkingBloom’s:UnderstandDifficulty:02MediumLearningObjective:21-01Topic:TheNatureofEconomists’ModelsFeedba

2、ck:Such"why"questionscanbeansweredadequatelyonlybyusingtheinductiveapproach,inwhichunderstandingisdevelopedempiricallyfromobserveddata.[Question]2.Behavioraleconomistsbelieveinmodifyingtheassumptionthatpeoplearerationalandfollowtheirownself-interest.Ans:TrueAACSB:ReflectiveThinkingBloom’s:RememberD

3、ifficulty:01EasyLearningObjective:21-01Topic:TheNatureofEconomists’ModelsFeedback:Behavioraleconomistsbelieveingoingbeyondthetraditionalassumptionstosolvemanyissues.Theyassumethatpeopleengageinpurposefulbehaviorandenlightenedself-interest.[Question]3.Moderntraditionaleconomicsreliesoncomplexmodelst

4、hatareeasytotestinreallife.Ans:FalseAACSB:ReflectiveThinkingBloom’s:RememberDifficulty:01EasyLearningObjective:21-01Topic:TheNatureofEconomists’ModelsFeedback:Moderntraditionaleconomicsreliesonsimplemodelsthatareeasytotesttomakesurethatthemodelfitsreality.[Question]4.Assumingthatpeoplefollowenlight

5、enedself-interestallowsbehavioraleconomiststocreateasingleclear-cutmodelthatcanbeappliedacrossmanydifferentcontexts.Ans:False©2017byMcGraw-HillEducation. Thisisproprietarymaterialsolelyforauthorizedinstructoruse.Notauthorizedforsaleordistributioninanymanner. Thisdocumentmaynotbecopied,scanned,dupli

6、cated,forwarded,distributed,orpostedonawebsite,inwholeorpart. AACSB:ReflectiveThinkingBloom’s:UnderstandDifficulty:02MediumLearningObjective:21-01Topic:TheNatureofEconomists’ModelsFeedback:Behavioralmodelsdependonthespecificcontextofthechoicesinvolved.Thismeansthatmodelsoftencanbeappliedonlytoonesi

7、tuationandmustbechangedforfutureanalyses.[Question]5.Theendowmenteffectisusedtodescribethemistakeaconsumermakeswhenheorsheaccountsforthemonetarycostsofhisorherdecisionsbutignoresthenonmonetaryopportunitycos