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Titus and Lauren Are Playing a Coin-Tossing Game Where Each

question 73

Multiple Choice

Titus and Lauren are playing a coin-tossing game where each player tosses a fair coin 20 times consecutively.The winner of the game is the player who tosses the most consecutive tails.Titus decides to go first and tosses tails five times in a row.Their parents,Margaret and Remi,are observing the game and make the following observations before Titus attempts the sixth toss:

Margaret: The probability of Titus tossing tails has to be greater than 75 percent because he is on a roll!

Remi: No,Margaret,the probability of Titus tossing tails has to be less than 25 percent because he hasn't tossed heads in the last five tosses and he is due to toss heads!

A behavioral economist would conclude that Margaret's statement is an example of the ________ fallacy,and Remi's statement is an example of the ________ fallacy.

Definitions:

United Fruit Company

An American corporation that had a major influence in the banana industry in Latin America during the 20th century, often criticized for its role in exploiting labor and for its involvement in overthrowing governments.

Central America

A region in the Americas located between Mexico and South America, consisting of seven countries: Belize, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, and Panama.

Economic Force

An influence that affects the supply, demand, and distribution of a country's wealth and resources, often shaping economic policies and outcomes.

Political Force

An entity or movement having significant influence or power in shaping policies, opinions, or governance within a political system.