Our Tendency to Judge the Likelihood of an Event on the Basis

question 27

Multiple Choice

Our tendency to judge the likelihood of an event on the basis of how readily we can remember instances of its occurrence is called the

• A)confirmation bias.
• B)representativeness heuristic.
• C)availability heuristic.
• D)belief perseverance phenomenon.

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Definitions:

Inventory

The goods and materials held by a company for the purpose of resale or production.

Sales

The total amount of revenue generated from selling goods or services over a specific period.

February

This month falls second in the Gregorian calendar lineup, featuring 28 days in typical years and 29 in those considered leap years.

Administrative Expense

Costs related to the general operation of a company, such as salaries of executive officers and costs associated with the corporate office.