A Real Estate Agency, Located in a Metropolitan Area in the Northeastern

question 12

Multiple Choice

A real estate agency, located in a metropolitan area in the northeastern U.S., kept data on the various types of properties purchased in the area.Historically, 15% of purchases
Were for condominiums, 30% were for townhouses, 40% for single family homes, 10%
For commercial properties and 5% for land.With changing demographics, the agency
Wondered if the current distribution matches the historical distribution.Recent data
Showed the following: Based on the historical distribution, we would expect how many homes to be purchased?

• A)121
• B)122.54
• C)130
• D)129.95
• E)100

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Definitions:

Ingroup Differentiation

Refers to the process by which members of a group distinguish themselves from other members in the same group based on roles, tasks, or characteristics.

Law of Small Numbers

The law of small numbers is the cognitive bias that leads people to draw broad conclusions from a small set of data or experiences, potentially misrepresenting the larger picture.

Extremity

The degree to which an attitude, opinion, or action is far removed from the moderate or average position.

Stereotypes

Generalized beliefs or perceptions about groups of people that are often oversimplified and not based on personal experience.