When Asked to Quickly Estimate the Product of 8*7*6*5*4*3*2*1, People

question 39

Multiple Choice

When asked to quickly estimate the product of 8*7*6*5*4*3*2*1, people give a much larger answer than when asked to quickly estimate the product of 1*2*3*4*5*6*7*8. This BEST illustrates the dynamics involved in using _____.

• A) the anchoring and adjustment heuristic
• B) the working backward heuristic
• C) means-end analysis
• D) an algorithm

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Definitions:

Unemployed Resources

Factors of production that are not being utilized to their full capacity, including labor, capital, and natural resources, often indicating economic inefficiency.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision or choosing one option over another.

Outboard Motors

Engine units mounted on the outside of the boat's stern, providing propulsion and steering capabilities.

Economic Growth

A rise in the output of goods and services within an economy over a certain period, often assessed through Gross Domestic Product (GDP).