What Is the Term Used for an Increased Commitment to a Previous

question 80

Multiple Choice

What is the term used for an increased commitment to a previous decision in spite of negative information?

• A) escalation of commitment
• B) hindsight
• C) satisficing
• D) representative
• E) rose-colored-glasses

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Definitions:

Automatic Stabilizers

Economic policies and programs designed to offset fluctuations in a nation's economic activity without additional government action, such as progressive tax systems and welfare.

Inflation

An overall uptick in price levels and a decline in the value of money.

Liberal Economist

An economist advocating for policies promoting free market principles, minimal government intervention, and individual liberties in economic matters.

Government Spending Cuts

Government Spending Cuts involve the reduction of public sector expenditure in an attempt to balance budgets and reduce deficits.