Suppose C$1

question 49

Multiple Choice

Suppose C$1.00 is equivalent to US$0.9672. What $C amount would it cost to purchase US$1565? (Ignore any commission.)

• A) $1,513.67
• B) $1932.31
• C) $2114.28
• D) $1,618.07
• E) $2762.95

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Definitions:

Production Possibilities Frontier

A graph that illustrates the maximum amounts of two goods that a society can produce with the available resources and technology, given that it is using its resources efficiently.

Representativeness Bias

A cognitive bias where individuals incorrectly assess the probability of an event based on similarities to existing prototypes in their mind, rather than on actual evidence.

Availability Bias

A cognitive bias where individuals overestimate the importance of information that is readily available to them.

Adjustment Bias

A cognitive bias that affects the decision-making process, leading individuals to make decisions based on adjustments from a reference point.