It Hasn't Rained in Several Days; Therefore It Is Unlikely

question 43

Multiple Choice

It hasn't rained in several days; therefore it is unlikely to rain today. This is an example of the ________.

• A) self-serving bias
• B) availability bias
• C) representation bias
• D) randomness bias

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Definitions:

Technological Progress

The improvement or innovation in technology, leading to more efficient processes, products, or methods.

Farm Price Support

Government policies designed to maintain or increase the market price of agricultural products through mechanisms such as subsidies or purchase commitments.

Net Social Benefits

The difference between the total benefits and total costs of a project or policy when considering its impact on society as a whole.

Consumers

Individuals or groups who purchase goods and services for personal use, driving demand in the economy.