Suppose That You Are Assigning Eight College Students to Two

question 78

Multiple Choice

Suppose that you are assigning eight college students to two committees. By chance, one committee has four students from the social sciences, and the other has four students from the humanities. If people protest that this arrangement does not seem to be random, they are following

• A) the confirmation bias.
• B) the base-rate fallacy.
• C) the availability heuristic.
• D) the representativeness heuristic.

Comprehend the law of demand, the law of supply, and their exceptions.

Apply economic principles to interpret real-world changes in markets, such as the effects of technological advancements or policy changes.

Identify the role of consumer expectations in shaping market dynamics.

Demonstrate understanding of market mechanisms in allocating resources efficiently.

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Definitions:

Formula

A mathematical or symbolic expression that defines a relationship among variables or a recipe consisting of specific ingredients in defined proportions.

Intelligence

The ability to solve problems and to adapt to and learn from experiences.

Indirect Means

Pertains to methods or approaches that are not straightforward or direct in achieving a goal or effecting outcomes, often involving secondary or less obvious pathways.

Mental Age

A measure of an individual's mental attainment based on the age at which it is normal for an individual to reach that level of mental capacity.