Suppose It Takes Jean Four Hours to Catch 10 Fish

question 107

True/False

Suppose it takes Jean four hours to catch 10 fish and one hour to collect one kilogram of mushrooms. It takes Lee four hours to catch 10 fish and 30 minutes to collect one kilogram of mushrooms. It is not possible for Jean and Lee to gain from specialisation and trade.

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Definitions:

Low Base Rate Fallacy

The tendency to ignore the base rate (i.e., the prevalence of an event or characteristic within a given population) when making judgments of probabilities, leading to inaccurate assessments.

Rarely Exercised Option

An option or choice that is available but seldom used or selected by people.

Instinctual Behavior

Actions or reactions that are not learned but are innate, arising from impulses or mechanisms inherent to an organism.

Higher-Order Thinking

Cognitive processes that involve complex reasoning, problem-solving, and decision-making beyond basic memory recall.