In international trade, an exchange rate is a number that is used to show the value of one currency compared to another.
You would best describe Economics as the study of how society allocates resources and good as well. This would be how resources are limited, and how they can keep up with the unlimited demands and wants of the resources.
A.The Roman empire relied on physical features as natural barriers.
When asked to guess whether Mark is from Montana or California, you guess California because more people live in California. You have used "base rate information" in making your decision.
<h3>What is Base Rate in Psychology?</h3>
Base rate is the frequency of a phenomenon that naturally occurs in a population. Using base rate information, rational decisions are made taking into account the general occurrence in a larger population in favour of the specific incidence in a particular case.
Effects of base rate information are-
- Base rate fallacy, as used in behavioural finance, is the propensity for people to incorrectly assess the likelihood of a situation by ignoring all pertinent information.
- Investors may instead place a greater emphasis on recent information without taking into account how this affects their initial hypotheses.
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I will be discussing my relationship with a friend and what dialectical tensions we faced altogether. So, when I first met this friend, he was a complete stranger to me and we met in a local market accidentally where our shopping bags got exchanged. We met officially to exchange bags and then got to know each other in a formal discussion. Soon, that bonding developed but there was still uncertainty about this bond
(Predictability/novelty). There was some bizarre tension in my mind to ask him out to meet again but then again it was a kind of some uncomfortable pull that didn't let me do it. When I got to know him better I soon realized that he was too open about his things and experiences and I could not be open the same way about my life(Openness/closeness). Another tension suddenly which we faced was to connect properly and that too how to maintain a bond since we shared quite a bunch of things such as the interest in similar books, TV shows, etc (Autonomy/connectedness).
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