"The Distribution of Income Should Be Determined by the Government

question 59

True/False

"The distribution of income should be determined by the government" is an example of a positive economic statement.

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Definitions:

Lack-of-participation Error

A bias or error in decision-making that occurs when not all stakeholders or team members are involved or engaged in the process.

Anchoring and Adjustment Bias

A cognitive bias where an initial piece of information (anchor) influences subsequent judgments or decisions, leading to potential errors in estimation.

Representativeness Bias

A cognitive bias in decision-making where the likelihood of an event is estimated based on how similar it is to the population of interest or its parent population.

Availability Bias

A cognitive bias that causes people to overestimate the probability of events associated with memorable or vivid occurrences.