mcq3 - Sample MCQs for the Chapter from Frank

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Sample MCQ’s for the Chapter from Frank The correct answer for each question is indicated by a  1 CORRECT Which comment best describes the purpose of chapter 8 on cognitive limitations  that effect behavior. Few other texts treat this material directly.
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A) Th int eg rat io of  ps yc ho lo gy  int ec on o mi cs  pr es en ts  us  wit an  en tir el ne w ay  of  do in ec on o mi cs Th ol m
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B) U nd er st an di ng  ou co gn itiv li mi tat io ns  wil he lp  us  un de rst an an  ar ea  of  ou be ha vi or  th at  rat io na ch oi ce  ca no
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C) Th po w er  of  rat io na ch oi ce  an al ysi is  es pe ci all ev id en in  th es ar ea of  co gn itiv li mi tat io ns  be ca us it  pr ed
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D) Ot he so ci al  sci en ce lik ps yc ho lo gy  st ud hu m an  be ha vi or  in  or de to  de sc rib an ex pl ai be ha vi or.  O nl ec on
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Feedback: The other three answers are simply false. 2 CORRECT Which of the following best explains why people who budget carefully tend to  spend less money? A) Bo un de rat io na lity B) Th as y m m etr ic  va lu fu nc tio n C) H ed on ic  fra mi ng
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D) O ut  of  po ck et  co st ve rs us  op po rtu nit co st s Feedback: Because of bounded rationality, people are hesitant to dip into  another budgeted area when one area is depleted. 3 CORRECT Which case best shows how marketing people use the asymmetric value function  to their advantage.
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A) Th ey  ta ke  ful pa ge  ad ds  on  int eri or  pa ge in st ea of  ha lf  pa ge  ad ds  on  th fro nt  pa ge of  se cti on s.
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B) Th ey  m ak de al  th at  is  go od  on ly  for  on da rat he th an  an  in de fin ite  pe rio of  ti m e.
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C) Th ey  bu nd le  ite m to ge th er  so  th co ns u m er  m us bu se ve ral  thi ng to  ge on ite m.
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D) Th ey  gi ve  ca sh  re ba te rat he th an  re du ce  th pri ce  of  th ite m. Feedback: The pain of paying the last $1000 for the new car that costs  $20,000 doesn't feel as bad as the pleasure received from the $1000 rebate  check in the mail. 4 CORRECT If economists tend to be left-brained people, then
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A) if  yo fin lef t- br ai ne pe rs on  an as su m yo ha ve  an  ec on o mi st,  yo ar fal lin int th re pr es en tat iv bi as
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B) if  yo fin an  ec on o mi st  an as su m yo ha ve  lef t- br ai ne pe rs on yo ar fal lin int th an ch ori ng  bi as .
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C) if  pe rs on  is  rig ht- br ai ne an an  ec on o mi st,  he  m us ha ve  an  as y m m etr ic  va lu fu nc tio n.
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mcq3 - Sample MCQs for the Chapter from Frank

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