The Law of Small Numbers Refers To

question 65

Multiple Choice

The law of small numbers refers to:

• A) the tendency for events with the same likelihood of occurrence to even out , given enough trials.
• B) a tendency to take unnecessary risks without full information.
• C) the tendency to overstate the probability of an event when faced with little information.
• D) the tendency to ignore events that have a small likelihood of occurrence.

---

Definitions:

Fairness Bias

The tendency to prioritize fairness and equity in decision making and judgment, sometimes at the expense of other considerations.

Inheritance

The process by which genetic information is passed on from parents to their offspring, determining certain characteristics of the offspring.

Irrational

Not logical or reasonable; actions or thoughts that do not follow rational principles.

Reflective Judgment

The process of thinking critically about complex issues, considering multiple perspectives, and making decisions based on reasoned analysis.