You Don't Particularly Like to Shop So Only Go to the Mall

question 2

Multiple Choice

You don't particularly like to shop so only go to the mall once a month.To help make the trek more enjoyable,you always have lunch at the restaurant located inside the mall.Since you are such a creature of habit,you always order the same meal.You've noticed that the price of that meal has increased every time you have been there over the past six months.Thus,you expect the meal to increase in price next month.This is an example of which one of the following?

• A)recency bias
• B)anchoring and adjustment
• C)frame dependence
• D)aversion to ambiguity
• E)clustering illusion

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Definitions:

GDP

Short for Gross Domestic Product, it measures the total economic output of a country, representing the sum of all goods and services produced over a specific time period.

Net Exports

The difference between a country's total value of exports and total value of imports.

Globalization

Globalization describes the process by which businesses or other organizations develop international influence or start operating on an international scale.

Exploited

Exploited describes a situation where individuals or groups are taken advantage of unfairly for others' benefit, often under conditions that undermine their rights or dignity.