
Theme 1 Task 14
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Other
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12th Grade
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Practice Problem
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Callum Richardson
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15 questions
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1.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
"Decision making is made by consumers on the basis of their experiences, the time they have to make a decision and the limits of their cognitive abilities, rather than rational behaviour". Which of the following options is the best definition for the above statement
Heuristic
Bounded Rationality
Framing effect
2.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
"The way in which a choice is phrased affects the consumer’s decision.". Which of the following options is the best definition for the above statement
Heuristic
Bounded Rationality
Framing effect
3.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
"Decision making is made on the basis of approximations rather than logic i.e. rules of thumb.". Which of the following options is the best definition for the above statement
Heuristic
Bounded Rationality
Framing effect
4.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Behavioural economics studies the interaction between individual choices and individuals’ psychological tendencies when making decisions.
True
False
5.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Which of the following is the best definition of behavioural ‘heuristics’?
The use of limited information to arrive at more complex solutions
A systematic, rational mode of thinking
Cognitive shortcuts or ‘rules of thumb’ that simplify decisions
The use of cognitive biases
6.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
If a consumer buys a lottery ticket but also purchases fire insurance, then he or she can be said to be:
Risk neutral in losses and gains
Risk loving in gains and losses
Risk averse in losses, risk loving in gains
Risk loving in losses, risk averse in gains
7.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
A person is said to exhibit bounded rationality if
They always make the best decision, independent of the number of options available
They are only able to assess some of the possibilities that could occur in any given scenario
They are able to assess all possibilities optimally in any given scenario
There are no bounds to their cognitive processing abilities
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