People Tend to Make Decisions Based on Shortcuts Such as

question 6

Multiple Choice

People tend to make decisions based on shortcuts such as

• A)representative heuristics.
• B)availability heuristics.
• C)anchoring and adjustment heuristics.
• D)all of these.

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Definitions:

Income Inequality

The uneven allocation of income among households or individuals within an economic system.

Lorenz Curve

A graphical representation of the distribution of income or wealth within a society, indicating inequality.

Noncash Transfers

Benefits provided by the government to individuals in forms other than direct cash, such as food stamps or medical aid.

Lorenz Curve

A graphical representation of income inequality within a population.