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Describe and give examples of how each of the following cause errors in reasoning: availability heuristic,illusory correlations,representative heuristic,and confirmation bias.
Distortionary Tax
Taxes that cause people to alter their behavior in a way that distorts the allocation of resources from their most efficient uses.
Economic Choices
Decisions made by individuals, households, or firms regarding the allocation of scarce resources to satisfy needs and wants.
Income Tax
A tax levied by governments on individuals or entities' income, constituting a major source of government funding.
Present and Future Consumption
The concept of analyzing and balancing what is consumed today against what will be available or necessary for consumption in the future.
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