The Strategy of Basing a Judgment on the Felt Ease

question 93

Multiple Choice

The strategy of basing a judgment on the felt ease with which one can bring to mind particular instances of an event is known as the

• A) anchoring and adjustment heuristic.
• B) representativeness heuristic.
• C) availability heuristic.
• D) recall heuristic.

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Definitions:

Low-Income Families

Households that earn significantly less income than the average for their location or society, often qualifying them for certain types of financial aid.

Efficient Allocation

The optimal distribution of resources among competing uses, allowing for the best possible achievement of goals with minimal wasted effort or expense.

Resource Allocation

The process of assigning and managing assets in a manner that effectively supports an organization's strategic goals.

Factor Markets

Marketplaces where services of the factors of production (like labor, capital, and land) are bought and sold.