
Behavioral Economics Vocab Quiz
Authored by William Ulbricht
History
11th - 12th Grade
Used 23+ times

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10 questions
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1.
MULTIPLE CHOICE QUESTION
20 sec • 5 pts
A subconcious error in thinking that leads to irrational decision making
Endowment Effect
Cognitive Bias
Overestimation
Hedonic Adaptation
2.
MULTIPLE CHOICE QUESTION
20 sec • 5 pts
The tendency to conform to the behaviors and beliefs of the people around you
FOMO (Fear of Missing Out)
Going along
Group Think
Herd Mentality
3.
MULTIPLE CHOICE QUESTION
20 sec • 5 pts
The tendency people have to be more confident in their own abilities
Overconfidence Bias
Big Boy Theory
Overestimation
Confirmation Bias
4.
MULTIPLE CHOICE QUESTION
20 sec • 5 pts
The tendency to search for information that supports our preconceptions and to ignore or distort contradictory evidence
Overconfidence Bias
Bias of Biases
Confirmation Bias
Cognitive Bias
5.
MULTIPLE CHOICE QUESTION
20 sec • 5 pts
Costs that have already been incurred and cannot be recovered
Sunk Costs
Drowning Costs
Losing Costs
Flying Costs
6.
MULTIPLE CHOICE QUESTION
20 sec • 5 pts
The tendency to put more value on things you already own
Overestimation
Endowment Effect
Hedonic Adaptation
Loss Aversion
7.
MULTIPLE CHOICE QUESTION
20 sec • 5 pts
The tendency to make decisions about a current situation based on what resources you have already invested in the situation
Social Media Marketing
Loss Aversion
Overplacement
Sunk Cost Fallacy
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