If We Have Accidentally Stumbled on a Solution to a Problem

question 279

Multiple Choice

If we have accidentally stumbled on a solution to a problem in the past, even if it is not particularly elegant, we may be prone to

• A) solution prejudice.
• B) confirmational bias.
• C) functional bias.
• D) mental set.

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Definitions:

Consumption Function

An economic formula representing the functional relationship between total consumption and gross national income.

Aggregate Income

The total income earned by all individuals and entities within an economy.

Aggregate Consumption

The total amount of goods and services consumed in an economy within a given period.

Consumption Function

A mathematical expression describing the association between gross national income and the total amount spent on consumption.