The Tendency to View Events That Have Already Occurred in the Past

question 32

Multiple Choice

The tendency to view events that have already occurred in the past as more predictable than they were before they took place is called _____________.

• A) hindsight bias
• B) observational bias
• C) the false consensus effect
• D) retrospection

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Definitions:

Civilian Goods

Products and services intended for use by the general public rather than for military purposes.

Real Cost

The total cost of producing a good or service, including the opportunity cost of alternative uses of resources and inputs.

Wartime Shortages

Periods during war when there is a lack of availability of essential goods and resources due to increased demand and disrupted supply chains.

Opportunity Cost

The benefit missed out on when choosing one alternative over another, emphasizing the impact of choice on resource allocation.