Jacob Is Thinking of Buying a $1 Lottery Ticket

question 58

Multiple Choice

Jacob is thinking of buying a $1 lottery ticket. In Lottery A, his odds of winning are 1 out of a 1000, and he may win $500. In Lottery B, his odds of winning are 1 out of 5000, but he may win $5000. Based on expected value theory, Jacob should

• A) buy either ticket because both lotteries have the same expected value.
• B) buy a ticket from Lottery B because it has a higher expected value.
• C) buy a ticket from Lottery A because it has a higher expected value.
• D) not buy either ticket because both lotteries have very low odds of winning.

Recognize the components of the information-processing model of memory.

Understand the implications of psychological conditions and therapies on memory.

Understand the capacity and duration of different types of memory (iconic, short-term, long-term).

Describe the stages involved in the memory process (encoding, storage, retrieval).

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Definitions:

Controlled Atmospheres

Environmentally monitored and regulated spaces designed to preserve the quality and longevity of perishable goods or to conduct scientific experiments under specific conditions.

Single-Case Experimental

A research design that focuses on the detailed examination of a single subject or entity to gather in-depth data and study outcomes of interventions.

Intensively

With concentrated and extensive effort or strength; deeply engaged or committed to a task or activity.

Learned Helplessness

A psychological condition in which an individual learns to believe they are powerless to change their situation despite having the ability to do so, often arising from repeated failures.