Isaac Is Trying to Decide How Often Shark Attacks Happen

question 73

Multiple Choice

Isaac is trying to decide how often shark attacks happen.He quickly remembers the many shows about shark attacks that he saw on television last week, so he decides that they must be common.Isaac's overestimation of the rate of shark attacks is an example of

• A)the hindsight bias.
• B)taking mental shortcuts.
• C)the self-serving bias.
• D)seeing patterns that do not exist.

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Definitions:

State Project

Initiatives or programs undertaken by a government or public sector entity designed to achieve specific objectives, often relating to infrastructure, social, or economic development.

Public Good

A good that is non-excludable and non-rivalrous, meaning no one can be excluded from its use and one person's use does not reduce availability to others.

Total Benefits

In economics, the complete gain or value received from consuming a good or service, including both direct and indirect benefits.

Total Costs

The complete sum of all expenses incurred by a company in producing and marketing a product or service.