You Are Asked to Rate How Likely It Is That

question 44

Multiple Choice

You are asked to rate how likely it is that a student, Steve, will pass an upcoming exam. You are told that, in the past, the "pass" rate for this exam is 30%. Which of the following statements about your rating is MOST LIKELY to be true? You will:

• A) use base rates in your decision.
• B) ignore the base-rate information.
• C) imply a cause-and-effect relationship between the pass rate and the student being judged.
• D) say the chance of the student passing is 0.8.

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Definitions:

Financial Consultant

A professional who provides expert advice on managing finances, including investments, taxes, retirement planning, and insurance.

Sense of Well-being

A feeling of health, happiness, and prosperity, often considered as a holistic understanding of one’s physical, psychological, and social health.

Financial Strain

A condition of experiencing stress due to inadequate financial resources or difficulties in managing financial obligations.

Financially Independent

The state of having sufficient personal wealth to live, without having to work actively for basic necessities.