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Explain and show graphically why continuous monetary growth is needed to generate inflation.Describe how the inflation process is generated.
Hindsight Bias
The tendency to believe, after learning an outcome, that one would have foreseen it, often referred to as the "I-knew-it-all-along" effect.
Placebo Effect
A phenomenon where an improvement in health or wellbeing is observed after receiving a treatment that has no therapeutic value, due to the individual's belief in its efficacy.
Illusory Correlation
refers to the cognitive bias where a relationship between two variables is perceived to exist when no such relationship actually exists.
Double-Blind Procedure
A experimental setup in which neither the participants nor the experimenters know who is receiving a particular treatment, preventing bias in the results.
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