Unit 4 Test

Front

______________ _________ is the tendency to seek out information that confirms pre-existing beliefs.

Back

Confirmation Bias

Front

What is the name of the cognitive bias that involves feeling bad because everyone of friends are at the party?

Back

FOMO

Front

Which cognitive bias involves following the crowd without thinking through the ramifications of your decision?

Back

Herd mentality bias

Front

What is the name of the cognitive bias that involves relying too heavily on the first piece of information encountered? Options: Anchoring bias, Confirmation bias, Availability bias, Hindsight bias

Back

Anchoring bias

Front

What is the name of the cognitive bias that involves a greater sense of sadness over a small loss versus a large gain?

Back

Loss aversion bias

Front

Which cognitive bias involves staying too long at a bad movie, or going on a trip when you are very sick?

Back

Sunk Cost Fallacy bias

Front

Which scenario BEST demonstrates FOMO (Fear of Missing Out)?

Back

José wants to go see a movie that all of his friends have seen and are raving about

Front

What is a cognitive bias?

Back

An error in the way we think that can influence our decisions

Front

Sebastian began day trading stocks at the beginning of the summer. After a month, he made a profit of $200. Due to his short term success and his belief that he is a highly skilled trader, Sebastian puts his entire savings into the market. This is an example of…

Back

Overconfidence Bias

Front

Michael observed he felt the pain of losing a $20 bill more than he felt the joy of finding it on the sidewalk the week before. This is a result of...

Back

Loss aversion