
Behavioral Economics
Authored by Susan Elkins
Other
9th - 12th Grade
Used 8+ times

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29 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
the tendency people have to be more confident in their own abilities, such as driving, teaching, or spelling, than is objectively reasonable
Overconfidence Bias
The Bandwagon Effect
Confirmation Bias
Loss Aversion
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A website tells you, "Only one left!" while shopping online. Which loss aversion strategy is this website using?
Coupons
Scarcity and urgency
Buy now, get free shipping
Free trials and samples
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best describes what a cognitive bias is?
A rational decision that is based on research and facts
The belief that a person should change their opinions when new facts arise
The belief that we are right until someone provides information that contradicts our belief
An error in the way we think that can influence our decisions
Answer explanation
Cognitive bias is a general term that means not always thinking rationally. Even despite facts, we may still choose the wrong thing. Examples are sunk cost fallacy, the endowment effect, herd mentality, etc.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
the feelings of anxiety that arise from the belief that you may be missing out on rewarding experiences that others are having
The Bandwagon Effect
Herd Mentality
The Endowment Effect
Fear of Missing Out (FOMO)
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
refers to an emotional bias that causes individuals to value an owned object higher, often irrationally, than its market value
Confirmation Bias
Endowment Effect
Fear of Missing Out (FOMO)
Loss Aversion
Answer explanation
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
the tendency to process information by looking for, or interpreting, information that is consistent with one’s existing beliefs
Loss Aversion
Mental Accounting
Overconfidence Bias
Confirmation Bias
Answer explanation
Confirmation bias can cause us to make mistakes with money. No matter the facts, we still choose to believe what we want.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
the phenomenon where a real or potential loss is perceived by individuals as psychologically or emotionally more severe than an equivalent gain
Mental Accounting
Bandwagon Effect
Loss Aversion
Confirmation Bias
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