Judith Is a Third-Year Undergraduate Student Who Lists Her Interests

question 32

Multiple Choice

Judith is a third-year undergraduate student who lists her interests as computer gaming, and online communities. Based on this description, you might assume that Judith is more likely to be a computer science major than a psychology major because you think those interests are more common among computer science majors. On your campus, there are very few computer science majors, and a lot of psychology majors. Your judgment is likely based on the __________ heuristic but might be wrong due to the __________.

• A) availability; base rate fallacy
• B) representative; overconfidence bias
• C) availability; overconfidence bias
• D) representative; base rate fallacy

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Definitions:

Work in Process

Inventories that are currently in the production process and have not yet reached the final stage to be classified as finished goods.

Materials Costs

The costs associated with the raw materials and supplies used in the production of goods or services.

Conversion Cost

The total cost of converting raw materials into finished goods, including labor and overhead expenses.

Materials Cost

The total expense incurred for the raw materials that are used in the production of goods or services.