​Use the Following Setup for Question

question 84

Multiple Choice

​Use the following setup for question
Tom wants to avoid any accidents on the work floor of his factory.If an accident does occur,it would cost him $500,000 in damages.Installing safety equipment would decrease the probability of an accident occurring from 20% to 10%.However,the equipment costs $20,000 to install. 
-​Would Tom install the safety equipment?

• A)​Yes because it costs him less than it is worth
• B)Yes because it costs him more than it is worth
• C)No because it costs him more than it is worth
• D)​No because it costs him less than it is worth

Understand the concept and application of correlation coefficients in expressing the relationship between two variables.

Recognize the limitations of correlational research in inferring causation.

Identify ethical considerations in designing and conducting psychological research.

Understand the role of statistical significance in evaluating research findings.

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Definitions:

Slippery Slope Fallacy

A logical fallacy that occurs when an argument suggests that a minor first step will lead to a chain of related and undesired events.

Fallacy Of Composition

The logical error of assuming that what is true for the individual parts must also be true for the whole group.

Slippery Slope Fallacy

A logical fallacy that asserts without sufficient evidence that a relatively small first action leads inevitably to a chain of related (negative) events.

Predicted Outcome

A predicted outcome is the expected result of an experiment or model, often based on theoretical insight or previous data.