The Expression "There's No Such Thing as a Free Lunch

question 128

Multiple Choice

The expression "There's no such thing as a free lunch" means that

• A)services may be free, but goods are never free
• B)even if it has a price of zero, a good or service has a cost
• C)charitable organizations should not serve free lunches to the poor
• D)poor people are really the ones who pay for their allegedly free lunches
• E)someone has to pay the market price for a good or service

Analyze and interpret scatterplots and correlation in the context of linear relationships.

Understand the distinction and application of confidence intervals and prediction intervals in simple linear regression.

Grasp the conceptual and procedural specifics of constructing confidence intervals for the expected value of y in regression.

Learn to calculate and interpret correlation coefficients and their implications in linear relationships.

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Definitions:

Double-Standard Thinking

Holding different sets of principles for similar situations, often leading to unfair or biased judgments and practices.

Group Attribution Error

The tendency to overattribute the behavior of individuals within a group to their character rather than to external circumstances.

Law of Small Numbers

A cognitive bias that leads people to draw broad conclusions from small samples.

Stereotypes

Oversimplified generalizations about a group of people that often ignore individual differences, sometimes resulting in prejudiced attitudes or discriminatory actions.