The Problem with Relying on a Belief That "Experience Is

question 49

Multiple Choice

The problem with relying on a belief that "experience is the best teacher" is that

• A)our experiences might be limited and influenced by bias
• B)our experiences seldom provide any information about what life is like
• C)relying on experience makes us overlook the most important source of knowledge-authorities
• D)none of the above-personal experience is the only reliable way to truth

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Definitions:

Diseconomies of Scale

A point at which a company grows so large that the costs per unit increase with the increase in production.

Experience Curve Effects

The reduction in unit costs of production as output increases, typically due to gained efficiencies and learning over time.

Regression Analysis

A statistical method used to examine the relationship between a dependent variable and one or more independent variables.

Target Variable

In statistical modeling and machine learning, the variable that is the object of prediction or explanation.