5 Questions
Which field increases the explanatory power of economics by providing it with more realistic psychological foundations?
Behavioral economics
What does 'enlightened self-interest' imply according to the text?
Perfect knowledge
What does the term 'heuristic' mean in the context of decision-making?
Using simple rules-of-thumb
What may be a reason for failing to judge what is in our 'self-interest'?
Incomplete knowledge
What personal rule is mentioned in the text for decision-making?
Always pay by cash for purchases of less than $100
Test your knowledge on Behavioral Economics with this quiz! Explore the psychological foundations and perspectives on economic rationality in this informative and engaging quiz.
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