Solve the Problem. -In a Certain Town, 25% of People Commute to Work

question 250

Multiple Choice

Solve the problem.
-In a certain town, 25% of people commute to work by bicycle. If a person is selected randomly From the town, what are the odds against selecting someone who commutes by bicycle?

• A) 1 to 3
• B)3 to 4
• C)4to 1
• D)3 to 1

Recognize the role of heuristics in decision making, including their benefits and drawbacks.

Identify various behavioral biases and their effects on economic decision making.

Understand the significance of impulse buying and its impact on economic models.

Comprehend the concept of System 1 and System 2 in the brain and their roles in decision making.

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Definitions:

DZ Twins

Dizygotic twins, also known as fraternal twins, are siblings that result from two different eggs fertilized by two different sperm cells, sharing about 50% of their genetic material.

Environmental Share

The portion of the environment that contributes to differences among individuals' behaviors or traits.

Genetics

The study of genes, genetic variation, and heredity in living organisms.

Environment Influence

The impact of external factors, including physical, social, and cultural environments, on an individual's behavior, attitudes, and development.