John Often Relies on His Own Experiences and the Accuracy

question 89

Multiple Choice

John often relies on his own experiences and the accuracy of his judgment over the judgment of others based on what he knows of his own skills and knowledge.This would be an example of a(n)

• A)exclusion fallacy.
• B)subjective probability.
• C)framing effect.
• D)overconfidence.

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Definitions:

Benefits-received Principle

A theory in taxation that argues taxpayers should pay taxes in proportion to the benefits they receive from government services.

Entry Fees

charges that must be paid to gain access to a service, event, or establishment.

Regressive Tax

A tax levied at a rate that decreases as the taxpayer's income increases, placing a heavier burden on low-income individuals.