When Asked Who Chloe Thinks Will Win the Next Presidential

question 100

Multiple Choice

When asked who Chloe thinks will win the next presidential election,she replies that she does not know.However,after the election results are declared,she claims that it was obvious all along who the winner of the election will be.In the context of social psychology,this scenario illustrates:

• A)distinction bias.
• B)automation bias.
• C)optimism bias.
• D)hindsight bias.

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Definitions:

Widespread Costs

Expenses that impact a large sector of the population or numerous aspects of an economy, often relating to public policies or externalities.

Benefits Accrue

The accumulation of advantages or positive results over time from an action or investment.

Purely Competitive

A market structure characterized by many participants offering identical products, where no single buyer or seller can influence the market price.

Economic Profits

The excess of total revenue over total costs, including both explicit and implicit costs, as calculated in economic theory.