buc.populiweb.co Kindle BA 240-2: Week 6 (3/27-3/31) Populi - Bethesda University 7) The _effect is that a higher price means, in effect, the buying power of income has been reduced (even though actual income has not changed), which leads to buying less of the good (when the good is normal) 1 Point O substitution Oincome Osupply O correlation 8) A rotation in the budget constraint means that when individuals are seeking their highest utility, the quantity that is demanded of that good will. 1 Point O change O stay the same be close to zero be close to completion ) _economics seeks to enrich our understanding of decision-making by integrating the insights of psychology into economics. 1 Point OBehavioral Compositional Brain Mind 10) One topic that seem inconsistent to traditional economists (because it is actually far more complex than an unemotional cost-benefit adding machine) is 1 Pointbuc.populiweb. BA 240-2: Week 6 (3/27-3/31) Populi - Bethesda University Kindle betnesaa university Home My Profile My Courses Directory Week 6 Quiz 1) Economic analysis of household behavior is based on the assumption that people seek 1 Point O the lowest level of utility or satisfaction. O the highest level of utility or satisfaction. an average level of utility or satisfaction. ONone of these are correct. 2) The budget constraint framework suggest_ 1 Point that when income or price doe not changes, a range of responses are possible. that when income or price changes, a range of responses are not possible. ONone of these are correct. O that when income or price changes, a range of responses are possible. 3) Because traditional economic theory ignores people's state of mind or feelings, which can influence behavior 1 Point People regularly make decisions that seem less than rational, decisions that contradict traditional consumer theory . People regularly make decisions that are very rational, decisions that contradict traditional consumer theory O People regularly make decisions that seem less than rational, decisions that do not contradict traditional consumer theory. None of these are correct. MacBook Air esc 88buc.populiweb.com Populi - Bethesda University Kindle BA 240-2: Week 6 (3/27-3/31) change O stay the same O be close to zero be close to completion economics seeks to enrich our understanding of decision-making by integrating the insights of psychology into economics. 1 Point Behavioral O Compositional O Brain Mind 10) One topic that seem inconsistent to traditional economists (because it is actually far more complex than an unemotional cost-benefit adding machine) is _ 1 Point O the way the mind works O behavioral economics O human complex decision making processes O all of these answers are correct Click the button below to submit your test. You will not be able to change your answers after this. Submit Test Terms of Service . Acceptable Use Policy . -Support . System Sta MacBook Air