Steve Was Sure He Answered at Least 70 Questions Correctly

question 155

Multiple Choice

Steve was sure he answered at least 70 questions correctly on his biology test.In fact,he was right on only 55 items.Steve's misjudgment of his test performance illustrates

• A) the framing effect.
• B) confirmation bias.
• C) belief perseverance.
• D) overconfidence.

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Definitions:

High Set-up Costs

Initial investments or expenses that are necessary to start a business or manufacturing process, which can act as a barrier to entry for new firms.

Industry

A sector of the economy that produces a specific type of goods or services, characterized by shared production processes or products.

Exclusive Right

A legal provision or agreement granting someone the sole authority to use, sell, or license a product, service, or intellectual property.

Military-industrial Complex

The network of government agencies, armed forces, and private industries involved in the production and supply of military materials and technology.