Consider the Following Scenario When Answering the Following Questions

question 168

Multiple Choice

Consider the following scenario when answering the following questions:
Imagine a game show on television where one lucky contestant is presented with four upside-down buckets that are numbered 1,2,3,and 4.Under one of the buckets is exactly one $100 bill.Under each of the other three buckets is exactly one $5 bill.After the game ends,the contestant will receive the amount of money that is under his or her bucket.
The host of the game show asks the contestant to choose one of the four buckets.After the contestant makes a choice,the host lifts up two of the remaining three buckets to reveal a $5 bill under each of them.At this point,only two buckets remain uncovered: the bucket that the contestant originally chose and the bucket that was not uncovered by the host.
The host subsequently asks the contestant if he or she would like to keep the original bucket or change buckets to the only other bucket remaining.
-In the context of behavioral economics,the belief that outcomes that have not occurred in the recent past are more likely to occur soon,and that recent outcomes are unlikely to be repeated in the near future is best referred to as the ________ fallacy.

• A) gambler's
• B) base-rate
• C) existential
• D) hot-hand
• E) broken-window

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Definitions:

Countervailing Power

The concept in economics and political science where power is used to balance or counteract another power, preventing dominance or excess in markets or governance.

Dominant Person

An individual who exhibits superiority or control in a relationship or group setting, often influencing outcomes or decisions.

Primary Source

A primary source is an original document or firsthand account that has direct information about a topic, used in research and historical analysis.

Wheel Formation

A structured communication pattern in which all messages flow through a central hub or leader before being relayed to other members of the group.