When People Want to Maintain Their Current Lifestyles and Are

question 125

Multiple Choice

When people want to maintain their current lifestyles and are reluctant to change,they may exhibit what is known as the

• A) hot-hand fallacy.
• B) gambler's fallacy.
• C) status quo bias.
• D) hot-hand bias.
• E) gambler's bias.

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Definitions:

Liberal Democracy

A form of government characterized by free and fair elections, the rule of law, and the protection of individual rights and freedoms.

Formal Democracy

Involves regular, competitive elections.

Socialist Democracy

Socialist democracy is a political system that combines democracy with socialist principles, aiming for equal distribution of wealth and resources among its citizens through democratic means.

Stable Democratic Society

A state of social equilibrium where a democratic form of government operates effectively, ensuring civil liberties and the rule of law.