The Quantity Equation Is Always True Because It

question 69

Multiple Choice

The quantity equation is always true because it:

• A)is the definition of velocity rewritten.
• B)is a law of economics.
• C)has been empirically tested.
• D)has been historically verifieD.The quantity equation is true by definition.

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Definitions:

System II

Refers traditionally to the analytical, controlled, and effortful mode of thinking, as contrasted with the fast, automatic, intuitive processing of System I.

System I

A term often used in behavioral economics to describe the fast, instinctive, and emotional way of thinking, as opposed to slower, more deliberative thinking.

Availability

The ease with which a particular piece of information can be recalled from memory, often influenced by recent experience or emotional impact.

Representativeness Heuristics

A mental shortcut used to judge the probability of an event by its similarity to a prototype or stereotype.