If You Knew That Only One Per Cent of Inventors

question 42

Multiple Choice

If you knew that only one per cent of inventors actually have a handsome income you would have an example of:

• A) representativeness.
• B) the illusory correlation.
• C) regression to the mean.
• D) base-rate information.

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Definitions:

United States, Canada, and Mexico

These are countries in North America, often referenced together in the context of trade agreements or geographical proximity.

Free-Trade Agreement

A pact between two or more nations to reduce barriers to imports and exports among them, fostering international trade.

Tariffs

Taxes imposed by a government on imported goods, often used to protect domestic industries from foreign competition.

Quotas

Limits set by governments on the quantity of goods that can be imported or exported over a certain period.