The Self-Serving Bias Refers to Our Tendency to Blame Ourselves

question 135

True/False

The self-serving bias refers to our tendency to blame ourselves for our failures and to downplay our successes by attributing them to external, situational causes.

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Definitions:

Recessionary Gap

A situation where an economy's real GDP is lower than its potential GDP, indicating underutilized resources and economic slack.

Price Level

The average of current prices across the entire spectrum of goods and services produced in the economy, often used in economic analysis and policy-making.

Expansionary Gap

A situation where the actual output of an economy exceeds its potential output, often leading to inflationary pressures.

Recessionary Gap

The situation where an economy's real GDP is less than its potential GDP, leading to underutilization of resources and unemployment.