If Someone Asked You to Predict the Price of Gas

question 35

Multiple Choice

If someone asked you to predict the price of gas in a month, and you decided to guess by adding a few cents to the current price of gas, your answer would exhibit:

• A)anchoring.
• B)time inconsistency.
• C)rational expectations.
• D)transitivity.

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Definitions:

Aggregated Wealth

The total market value of all financial and non-financial assets owned by a group or country, minus liabilities.

Federation

A union of several groups, states, or organizations that are designed to work together for a common purpose, often seen in government structures or trade unions.

Independent Union

A labor union not affiliated with any national labor federation, operating autonomously to advocate for workers' rights and interests.

Strategic Decisions

High-level choices made by an organization's leadership that determine its direction and key priorities, often affecting its long-term success.