Which of the Following Is TRUE

question 42

Multiple Choice

Which of the following is TRUE?

• A) The more substitutes a resource has, the more likely a cartel controlling such a resource will succeed.
• B) The more widespread a resource, the more likely a cartel controlling such a resource will succeed.
• C) Oil and diamond cartels tend to be more successful than copper and plumbing cartels.
• D) Oil and diamond cartels have never been successful.

Recognize the influence of actor-observer bias on perception of behaviors.

Identify examples of the self-serving bias in explanations for behavior.

Apply the concepts of consensus, consistency, and distinctiveness cues in attribution.

Describe the fundamental attribution error and its implications.

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Definitions:

Accounting Principle

Fundamental guidelines or rules that govern how financial transactions and events are recorded and reported in financial statements.

IFRS

International Financial Reporting Standards; a set of accounting standards developed by the International Accounting Standards Board (IASB) that guide the preparation of financial statements globally.

Beginning Inventory

The value of all goods available for sale at the start of an accounting period.

Net Income

The net income of a business following the subtraction of all costs, taxes, and operational expenses from its revenue.