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1.2 Individual economic decision making (A-level only)

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Question 18

Which one of the following statements is most likely to be associated with behavioural economics?

A

Economic agents have perfect self-control and are unaffected by how choices are framed.

B

Individuals face cognitive limitations and are prone to making satisficing rather than optimal decisions.

C

Price signals are the only mechanism needed to allocate scarce resources efficiently in all markets.

D

Firms always successfully calculate exactly how to maximise profits based on perfect information.

Markscheme

1.2 Individual economic decision making (A-level only) Questions

  1. A Level
  2. /Economics
  3. /1.2 Individual economic decision making (A-level only)

45 exam-style questions on AQA A Level Economics 1.2 Individual economic decision making (A-level only), covering 1.2.1 Consumer behaviour, 1.2.2 Imperfect information, 1.2.3 Aspects of behavioural economic theory, and 1.2.4 Behavioural economics and economic policy. Each one has a worked solution and a mark scheme showing where the marks go.

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