The False Consensus Effect Suggests That People Are Overly Confident

question 119

True/False

The false consensus effect suggests that people are overly confident in their
knowledge of an event after the event has already taken place.

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Definitions:

Income Comparisons

The evaluation or analysis of an individual's or group's income in relation to others within the same society or economy.

Implicit Marginal Tax Rate

The effective additional tax rate imposed on an individual or entity's incremental income, typically factoring in deductions, exemptions, and benefits phase-outs.

Government Benefits

Entail various forms of financial aid and services provided by the government to individuals and organizations, such as healthcare, education, and social security.

Tax Rate

The tax rate is the percentage at which an individual or corporation is taxed by the government on income, transactions, or property.