If, Every Day for Three Weeks, It Rained When the Sun

question 37

Multiple Choice

If, every day for three weeks, it rained when the sun was out and on the 22ⁿᵈ day the sun came out, one might be led to believe it will rain that day also.This is due to the

• A)decision under risk
• B)representative heuristic
• C)gambler's fallacy
• D)meteorologist report

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Definitions:

Expenses

Outflows or the consumption of assets resulting from the operations of a business, leading to a decrease in equity.

Average Rate

A rate that represents the mean value of a set of rates, commonly used in the calculation of interest, speed, or other variables.

Estimated Average

The estimated average is a calculated middle value within a set of numbers, determined to represent a general or expected value in data analysis.

Annual Income

The total amount of income earned over a year, including wages, salaries, bonuses, and other earnings before taxes and deductions.