Lou Considers Himself Lucky, While His Friend Larry Considers Himself

question 118

Multiple Choice

Lou considers himself lucky, while his friend Larry considers himself unlucky. They each take $100 to a casino and play blackjack for 3 hours. When they leave, they have each lost $20. What does research on the confirmation bias suggest will happen

• A)Because of their losses, Larry will maintain his view of himself and Lou will begin to change his view of himself.
• B)Both men will reason that they were willing to lose $100 but only lost $20, so it is as if they won $80; so, Lou will maintain his view of himself and Larry will begin to change his.
• C)Larry will begin to change his view of himself, reasoning that he was willing to lose $100 but he only lost $20, so it is as if he won $80.Because of his loss, Lou will also begin to change his view of himself.
• D)Larry will maintain his view of himself because of his loss.Lou will also maintain his view of himself, reasoning that he was willing to lose $100 but he only lost $20, so it is actually like he won $80.

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Definitions:

Financial Responsibility

Refers to the obligation to manage resources, including money, assets, and debts, in an effective and efficient manner.

Debit Card

A payment card that deducts money directly from a consumer’s checking account to pay for a purchase.

Traveler's Check

A preprinted, fixed-amount check designed to allow the person signing it to exchange it for cash in a foreign currency while traveling.

Conference Expenses

Costs associated with attending or hosting a professional gathering, including travel, accommodation, and registration fees.