QUESTION 7 According to the bounded rationality hypothesis, an individual confro

Question

QUESTION 7 According to the bounded rationality hypothesis, an individual confronting a large number of complicated choices is most likely to respond by utilizing readily available empirical evidence to assist in evaluating every option. O using a simple rule of thumb to choose among a subset of easiest-to-evaluate options. O assessing every available choice by developing sophisticated theories regarding each option O using the ceteris paribus assumption to assist in simplitying and examining each of the possible options QUESTION 8 Which of the following is a normative statement? O Fiscal policy is determined by the Congress and the president O The Gross Domestic Product is the dollar value of all goods and services produced in a country in a yoar O Tax cuts are good for the economy O Monetary policy is determined by the Federal Reserve System

Explanation / Answer

Q7: The correct option is (d).The individual examines the available choices and given their cognitive abilities and the availability of information will examine the possible options.

Q8: the correct option is (c). Normative statements reflect the desirability or undesirability of an available statement or situation.

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