Which of the Following Is an Example of Flawed Inductive

question 29

Multiple Choice

Which of the following is an example of flawed inductive reasoning due to availability bias?

• A) Basing your assessment of the risk of a plane crash on television news reports.
• B) Believing the odds to be in your favor at a casino after winning the lottery.
• C) Determining the popularity of a government policy based on the opinions of your friends.
• D) Basing your assessment of the risk of a plane crash on television news reports and determining the popularity of a government policy based on the opinions of your friends.

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Definitions:

Interim Period

A financial reporting period that is shorter than a full fiscal year, often quarterly.

Accounting Period

A specific duration of time for which financial statements are prepared, often annually or quarterly.

Accumulated Depreciation

The cumulative depreciation expense recorded for an asset from the time it was first utilized.

Artificial Time Periods

A concept in accounting referring to arbitrary time intervals chosen for the purpose of financial reporting, such as quarters or fiscal years.