Examlex

Solved

After a Night of Binge Drinking, Hank Wakes Up and Tells

question 37

Multiple Choice

After a night of binge drinking, Hank wakes up and tells his buddies, "What happened last night? I must have blacked out." What alcohol-induced state is Hank referring to?


Definitions:

Efficient

An economic condition where resources are allocated in the most optimal way, maximizing the production of goods and services without wasting any resources.

Production Possibilities Frontier

A graph that illustrates the maximum amounts of two goods that a society can produce with the available resources and technology, given that it is using its resources efficiently.

Representativeness Bias

A cognitive bias where individuals incorrectly assess the probability of an event based on similarities to existing prototypes in their mind, rather than on actual evidence.

Availability Bias

A cognitive bias where individuals overestimate the importance of information that is readily available to them.

Related Questions