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The Systematic and Permanent Differences in Macroeconomic Outcomes That Differ

question 68

Multiple Choice

The systematic and permanent differences in macroeconomic outcomes that differ by political party are known as ________ business cycles.


Definitions:

Representativeness Heuristics

A mental shortcut used to judge the probability of an event by its similarity to a prototype or stereotype.

System II

refers to the deliberative, analytical and slower thinking process in dual-process theories of cognition.

Induction

A reasoning process that involves making generalizations based on specific observations or instances.

Deduction

A logical process in which a conclusion follows necessarily from the stated premises, implying the truth of the conclusion if the premises are true.

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