After Graduating from University, You Are Planning to Get a Job

question 115

Multiple Choice

After graduating from university, you are planning to get a job as an accountant.Your best friend Jay is planning on opening his own restaurant.He says he has thought a great deal about this and believes he will be very successful and it is a good decision.You explain to him that most new restaurants fail, but it does not factor into Jay's decision.What does this demonstrate?

• A)Base rates
• B)Anchoring effect
• C)Perceptual defence
• D)Sunk costs
• E)Hindsight

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Definitions:

Small Sample Size

A condition where the number of participants or observations in a study is limited, potentially affecting the reliability or generalizability of the results.

Effect Size Statistic

A quantitative measure of the magnitude of a phenomenon or the strength of the relationship between variables in statistical research.

Independent Variable

A variable that is intentionally changed by the researcher to examine its impact on the dependent variable.

Type I Error

A statistical error that occurs when a true null hypothesis is incorrectly rejected, falsely indicating a significant effect.