Data on Labor-Force Flows Show That

question 14

Multiple Choice

Data on labor-force flows show that

• A)in any given month, almost none of the unemployed gets jobs.
• B)in any given month, almost all of the unemployed gets jobs.
• C)the average duration of unemployment is about 2 weeks.
• D)the average duration of unemployment is about 2 years.
• E) in any given month, about one-fourth of the unemployed get jobs.

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Definitions:

Discarding

The process of eliminating or getting rid of something that is no longer useful or required.

Confirmation Bias

The tendency to search for, interpret, favor, and recall information in a way that confirms one's preexisting beliefs or hypotheses.

Conjunction Fallacy

A logical fallacy where people incorrectly judge the probability of the conjunction of two events to be more likely than the probability of either event alone.

Gambler's Fallacy

A cognitive bias where an individual erroneously believes that past events will affect the likelihood of future independent events, often seen in probability contexts.