Heuristics Generally Help People Make Faster Decisions

question 293

True/False

Heuristics generally help people make faster decisions.

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Definitions:

Negative Externalities

Unintended adverse effects of a transaction that impact third parties who are not part of the transaction.

Economic Efficiency

A situation in which all available resources are utilized in the most effective way possible, maximizing the production of goods and services without waste.

Taxes

Compulsory financial charges or some other type of levy imposed upon a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures.

Special-Interest Effect

A situation where policy decisions primarily benefit a small group, often at the expense of the larger public.