_______ Is the Tendency to Solve New Problems Using Procedures

question 124

Multiple Choice

_______ is the tendency to solve new problems using procedures that worked before on similar problems.

• A) Confirmation bias
• B) A mental set
• C) Hindsight bias
• D) The framing effect

---

Definitions:

International Trade

The exchange of goods, services, and capital between countries and territories, playing a crucial role in the global economy by allowing for specialization and access to diverse products.

Absolute Advantage

The ability of an individual, company, or country to produce a good or service at a lower cost than competitors.

Opportunity Costs of War

The economic resources and benefits that are forgone by engaging in war, including the impact on trade, development, and the allocation of government spending.

International Trade

The international transfer of goods, services, and capital across national boundaries or regions.