A Resource Is Something That

question 80

Multiple Choice

A resource is something that:

• A) is used to produce goods and services.
• B) is provided by nature, and not produced by society.
• C) exists in unlimited quantities in developed countries.
• D) must be produced by a firm.
• E) is always available free of cost.

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Definitions:

Heuristics

Mental shortcuts or rules of thumb that the brain uses to simplify decision making, which can be efficient but may lead to cognitive biases.

Representativeness

A heuristic in which individuals categorize a situation based on the extent to which it resembles, or is representative of, a stereotypical case.

Availability

The ease with which a particular idea or concept can be brought to mind by an individual.

Belief Perseverance

The tendency to maintain one's beliefs even in the face of evidence that contradicts them.