Unit 1 test Finance

Your mom still thinks Pluto is a planet, though it was downgraded to a "dwarf planet" in 2006.

Is she spacing out or experiencing...

• Negativity Bias

• Outcome Bias

• Anchoring Bias

• Blind Spot Bias

Your friend didn't study for the math test but ended up with a B. Now they're not going to study for the final.

You think they've miscalculated due to:

• Outcome Bias

• Anchoring Bias

• Confirmation Bias

• Negativity Bias

Who would ever be opposed to free college tuition? Certainly no one you'd ever pay attention to.

Which is a perfect example of:

• Anchoring Bias

• Confirmation Bias

• Outcome Bias

• Negativity Bias

Your salary request of $75,000 is a bit high. Would you accept $70,000? (employer wanted to pay $60,000 and applicant would have accepted $55,000)

• anchoring bias

• availability heuristic

• bandwagon effect

• blindspot bias

Kids these days! When they're not juuling, they're eating Tide pods or walking around blind-folded.

• anchoring bias

• availability heuristic

• bandwagon effect

• blindspot bias

The tendency to judge the likelihood of an event based on how easily examples come to mind is known as

• Anchoring bias

• Availability heuristic

• Representativeness heuristic

• Confirmation bias

People are usually unaware of cognitive biases.

• True

• False

The Bandwagon Effect . . .

• makes us put information into two categories.

• makes us more likely to do something if we think a lot of other people are doing it too.

• makes simple stories easier to believe than complex ones.

• makes us react positively to a information with a postive message.

On TikTok, a new hashtag challenge in which people use their phones to video themselves performing a specific dance. It starts with a few people, but thousands of people start to do the same. This is an example of . . .

• the Framing Effect

• Anchoring

• the Truth Effect

• the Bandwagon Effect

• Binary Bias

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

• Sunk Cost Fallacy bias
• Availability bias
• Confirmation bias
• Hindsight bias