Examlex
Fiscal policy refers to changes in _____ to affect overall spending in the economy:
Representativeness Heuristic
The representativeness heuristic is a cognitive bias where individuals judge the probability or frequency of a hypothesis by considering how much the hypothesis resembles available data.
Base-Rate Effect
A cognitive error whereby people judge the likelihood of an event by intuitive examples rather than by statistical evidence.
Availability Heuristic
A cognitive shortcut based on the first examples that appear in someone's thoughts when assessing a certain topic, idea, strategy, or choice.
Related Concepts
Ideas, terms, or phenomena that share common features or are associated with each other within a specific context or field of study.
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