8.1 Are you Really In Control Quiz

True or False

A cognitive bias is a flaw in your reasoning that leads you to misinterpret information from the world around you and to come to an inaccurate conclusion.

• True

• False

Behavioral economists see people as...

• rational

• irrational and emotional

• good decision makers all the time

Behavioral economists view people differently than traditional economists because...

• always make decisions backed by facts

• they believe their decisions are influenced by their emotions

Traditional economists believe that people are..

• neither rational or irrational.

• irrational and unemotional

• rational and unemotional

Behavioral economics is...

• a field that studies people who make rational decisions

• the study of economics decision-making

• the study of how economies perform around the world

• field that studies stock market trends

You go to an expensive restaurant and keep eating even though you are full because it was expensive. This is an example of....

• fear of missing out

• confirmation bias

• sunk cost

• The Endowment Effect