An Association of People Organized Under a System of Rules

question 17

Multiple Choice

An association of people organized under a system of rules designed to advance the good of its members over time is called a

• A) business.
• B) constitution.
• C) government.
• D) monopoly.
• E) society.

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Definitions:

Self-Serving Bias

The common habit of a person taking credit for positive events or outcomes, but blaming outside factors for negative events.

Cognitive Biases

Systematic patterns of deviation from norm or rationality in judgment, leading individuals to make illogical decisions.

Overconfidence Effect

A cognitive bias where an individual's subjective confidence in their judgments is greater than their objective accuracy.

Confirmation Bias

The tendency to search for, interpret, favor, and recall information in a way that confirms one's preexisting beliefs or hypotheses.