Rational Decision Making

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Quiz Questions

Which of the following sentences regarding the decision-making process of economic agents are true? You may select more than one option. *

1 point

Economic agents respond to their emotions rather than logical thought.

Economic agents are assumed to be rational agents who always act in their self-interest so as to maximise their welfare.

Economics agents have perfect information to make decisions.

Economics agents practise the marginalist principle of weighing the marginal costs and benefits of a decision.

Required

Look at the diagram below. Which two considerations would economic agents lack when formulating decisions independently? *

1 point

Perspectives of others

Constraints

Complete or perfect information

Benefits and costs

Required

Which of the following statements about the marginalist principle is true for consumers? *

1 point

Consumers will weigh the costs and revenue of their decisions.

Rational consumers will weigh the marginal costs and marginal benefits of their decisions.

Economists use the marginalist principle to guide their decision-making process. Which of the following meanings of 'marginal' are correct? You may select more than one option. *

1 point

Additional

Incremental

Extra

Total

Required

Which of the following statements about economic agents are true? You may select more than one option.

1 point

Consumers aim to maximise their income.

Producers aim to maximise their profits.

Producers aim to maximise job opportunities.

Governments aim to maximise social welfare.

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