Which of the Following Is an Example of the Gambler's

question 16

Multiple Choice

Which of the following is an example of the gambler's fallacy?

• A) "I know the chances of winning the lottery are small, but someone has to win it and I could be the one!"
• B) "I've gotten a low number the last eight times I've rolled the dice, so a high number is coming up soon!"
• C) "There's an equal chance for any team to win the league's championship."
• D) "The best strategy at the horse races is to bet in the same way as the crowd is betting."

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Definitions:

Swedish Krona

The official currency of Sweden, often represented by the abbreviation SEK.

Property, Plant, and Equipment

Tangible long-lived assets used in the operations of a business, including land, buildings, and machinery.

ASPE

Accounting Standards for Private Enterprises; these are simplified accounting principles for private companies in Canada, allowing them to prepare financial statements without adhering to the more complex IFRS.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that is becoming the global standard for the preparation of public company financial statements.