Between 1970 and 2016 in Australia, the Largest Budget Deficits

question 107

Multiple Choice

Between 1970 and 2016 in Australia, the largest budget deficits occurred:

• A)during the early to mid-1980s.
• B)during the early 1990s.
• C)between 2009 and 2011.
• D)following the 1974 oil price shock.

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Definitions:

Availability Heuristic

A mental shortcut that relies on immediate examples that come to a person’s mind when evaluating a specific topic, concept, method, or decision.

Media Coverage

The reporting, broadcasting, or publishing of news and information by various media outlets, such as television, radio, newspapers, and the internet.

Misinformation Effect

The phenomenon where a person's recall of episodic memories becomes less accurate due to post-event information.

Fundamental Attribution Error

It is the tendency to overemphasize personality-based explanations for others' behaviors while underestimating the role of situational factors.