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Rational Choice Theory Quiz

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Questions and Answers

What is Rational Choice Theory according to the text?

Rational Choice Theory states that individuals use their self-interests to make choices that will provide them with the greatest benefit, based on weighing the costs, risks, and benefits of the decision.

Who is considered the originator of Rational Choice Theory?

Philosopher Adam Smith is considered the originator of Rational Choice Theory.

How does Rational Choice Theory apply to individual decision making?

Individuals use their personal preferences and self-interests to make choices that they believe will serve them best, even if the choices seem irrational to others.

What is the role of personal preferences in Rational Choice Theory?

<p>Personal preferences determine how individuals decide what will serve them best, influencing their choices based on their desires and needs.</p> Signup and view all the answers

What did philosopher Adam Smith propose in relation to Rational Choice Theory?

<p>Adam Smith proposed in 1776 that human nature's tendency toward self-interest resulted in prosperity, which he termed 'the invisible hand' driving the free market.</p> Signup and view all the answers