Behavior Econ

What is the founding principle of the U.S economy?

• saving money

• free enterprise

• hard work

• private property

Which economic system relies heavily on customs?

• traditional

• mixed

• command

• market

What is the most widely used economic system in the world?

• traditional

• mixed

• command

• market

What is meant by scarcity?

• unlimited resources & unlimited wants and needs

• limited resources & limited wants and needs

• limited resources and unlimited wands and needs

• unlimited resources and limited wants and needs

What is the driving force in the US economy?

• banks

• government

• entrepreneurship

Cognitive biases are...

• a choice

• an error

• a mindset

FOMO means

• fear of missing out

• fear of moms online

• neaither of the above

Which system does the government make all decisions?

• command

• traditional

• market

Which system do families or tribes make the decisions?

• traditional

• command

• market

What percentage of people make purchases due to FOMO?

• 50%

• 70%

• 60%

• 40%