If You Polled Some Friends from Edmonton, Who Read the Local

question 152

Multiple Choice

If you polled some friends from Edmonton, who read the local news on a regular basis, about the number of murders in their city, and you poll friends in other areas of the country about the number of murders in the entire province of Alberta, you'd likely find that the average number of murders estimated for Edmonton is more than for the entire province. This impossible finding is best explained by the

• A) representativeness heuristic.
• B) availability heuristic.
• C) hindsight bias.
• D) confirmation bias.

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Definitions:

Fiscal Policies

Fiscal policies are government strategies involving taxation and spending decisions designed to influence economic conditions, including growth, inflation, and unemployment.

Monetary Policies

Economic strategies and decisions by a government or central bank to control the money supply and interest rates in an economy.

Conservative Economists

Economists who prioritize free market principles, limited government intervention, and fiscal conservatism in their analysis and policy recommendations.

Rational Expectations Theorists

Economists who postulate that individuals make decisions based on their rational outlook, available information, and past experiences.