You and a Friend Are Watching a Ballgame

question 116

Multiple Choice

You and a friend are watching a ballgame.The batter swings and misses, ending the inning as he strikes out.You believe this is because the sun is setting and probably cast a glare in his eyes.Your friend believes this is because the batter lacks talent.You made a _____ attribution and your friend made a(n) _____ attribution.

• A)circumstantial; personal
• B)situational; dispositional
• C)realistic; biased
• D)correct; incorrect

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Definitions:

Capital

A resource, such as equipment or buildings, used to produce goods and services.

Implicit Costs

The opportunity costs that are not directly paid for or visibly incurred in financial transactions but represent real costs to economic actors.

Economic Costs

Economic costs include both the explicit costs of production, such as raw materials and wages, and implicit costs, such as opportunity costs.

Explicit Costs

Direct, out-of-pocket payments for resources employed in the production of goods or services.