Scenario 4-1 in a Given Year,country a Exported $12 Million

question 21

Multiple Choice

Scenario 4-1 In a given year,country A exported $12 million worth of goods to country B and $6 million worth of goods to country C; country B exported $4 million worth of goods to country A and $7 million worth of goods to country C; and country C exported $5 million worth of goods to country A and $2 million worth of goods to country B.
-According to Scenario 4-1,country A has net exports of:

• A)$18 million.
• B)$8 million.
• C)$13 million.
• D)$9 million.
• E)$6 million.

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Definitions:

Anchoring and Adjustment Bias

A cognitive bias where an initial piece of information (anchor) influences subsequent judgments or decisions, leading to potential errors in estimation.

Representativeness Bias

A cognitive bias in decision-making where the likelihood of an event is estimated based on how similar it is to the population of interest or its parent population.

Availability Bias

A cognitive bias that causes people to overestimate the probability of events associated with memorable or vivid occurrences.

Adjustment Bias

A cognitive bias influencing how individuals respond or adapt to new or changing information, often hindering accurate decision-making.