Which of the Following Is an Example of a Special-Purpose

question 91

Multiple Choice

Which of the following is an example of a special-purpose government?

• A) Park district
• B) Village government
• C) Community college
• D) City government

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Definitions:

Prospect Theory

A behavioral economic theory that describes the way people choose between probabilistic alternatives that involve risk, where the probability of outcomes is uncertain.

Behavioral Economists

Economists who study the effects of psychological, cognitive, emotional, cultural, and social factors on economic decisions of individuals and institutions.

Availability Heuristic

A cognitive bias where people make judgments about the likelihood of an event based on how easily examples come to mind.

Endowment Effect

A cognitive bias where individuals value an owned object higher than a similar object they do not own, often affecting decision-making and market outcomes.