Chapter Two Questions

Chapter Two

1._______ is the applied discipline focused on the study of the allocation scarce resources.
A. Social Science
B. Economics
C. Ergonomics
D. External validity
Answer is B, Economics.

2. What Thomas Kuhn labeled a system of beliefs shared by the members of a given research community.
A. Paradigm
B. Anomalous fact
C. Theory
D. Agency Cost
Answer is A, Paradigm.



3. Components of Two Real Estate Research Paradigms include all of the following except:
A. Framework
B. Theory
C. Data Development
D. Prescription
Answer is D, Prescription is not a component.

1. Generalizability is the idea pioneered by Herbert Simon, that when making decisions humans are bounded by their information processing limitations. T/F
False-Bounded rationality is the idea, not generalizability.

2. A research finding not suggested by theory and therefore not expected is known as an anomalous fact. T/F
Answer: True

3. Theory is a statement of belief suggested by fundamental theory. T/F
False: it is hypothesis.

4. Anchoring occurs when someone making a numerical judgment is influenced by a seeded number. T/F
Answer: True

5. Engineering is known as the effective cognitive shortcuts to judgment and decisions usually subconsciously employed due to limitations with human processing and short-term memory. T/F
False this is the definition of Heuristics.