Two Long-Time Friends Belong to the Same Community and Share

question 132

Multiple Choice

Two long-time friends belong to the same community and share many similar life experiences.If both are asked to guess what the other is likely to know,what would be the likely outcome?

• A)They will err in the direction of believing that they share little common knowledge.
• B)They will be fairly accurate in their guesses.
• C)They will express the opinion that they have little idea of what the other knows.
• D)They will be no more accurate than two strangers from the same community.

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Definitions:

Widget Industry

A fictional or generic term often used to represent any sector of manufacturing, without specifying a particular type of product.

Nonunionized Labor Market

A labor market that is composed of workers and employers where no labor unions are present to represent the workers' interests.

Minimum Wage

The minimum wage is the lowest legal wage that employers can pay their workers, set by government policy to ensure a minimum standard of living for workers.

Employment

The condition of having paid work or being engaged in a job or business.