The Availability Heuristic Is _____

question 95

Multiple Choice

The availability heuristic is _____.

• A) a rule of thumb for judging the probability of category membership by how well an object resembles a category
• B) the fact that the likelihood of two uncertain events occurring together cannot be greater than the likelihood of either event occurring alone
• C) the belief that a chance event that has not occurred for a while is more likely to occur
• D) a rule of thumb that the more easily we remember an event, the more probable it is

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Definitions:

General Ledger

A comprehensive record of all financial transactions over the life of an organization, serving as the primary source for preparing financial statements.

Inventory

The raw materials, work-in-process products, and finished goods that are considered to be the portion of a business's assets that are ready or will be ready for sale.

Conversion Costs

The costs required to convert raw materials into finished products, which include labor costs and manufacturing overhead.

Direct Costs

Costs that can be directly traced to the production of specific goods or services, such as raw materials and direct labor.