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PF 1-3 Lesson Review

Authored by Rebekah Williams

Business

9th - 12th Grade

Used 4+ times

PF 1-3 Lesson Review
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14 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main concept that traditional economics relies on?

Rational choice theory

Cognitive bias

Herd mentality

Personal Finance

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which cognitive bias describes valuing something more just because you own it?

Loss aversion


Sunk cost fallacy

Endowment effect

Anchoring bias

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In behavioral economics, what is a heuristic?

A financial strategy to increase savings

A mental shortcut used for decision-making

An investment in technology stocks


Another word for cognitive bias

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which cognitive bias is exemplified by holding onto a declining stock to avoid realizing a loss?

Endowment effect

Herd mentality

Sunk cost fallacy

Loss aversion

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is cognitive bias?


A financial strategy to maximize savings and investments.

A theory that individuals make decisions based on their upbringing and the natural biases they have.

A systematic deviation from rational thinking, leading to illogical judgments and decisions due to mental shortcuts and influences.

A theory that individuals make decisions to maximize their self-interest.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the rational choice theory suggest about how individuals make decisions?

They make decisions based on gut feelings and emotions.

They make decisions through rational calculations to maximize their self-interest.

They follow the actions and opinions of a group.


They make decisions based on mental shortcuts and cognitive biases.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What term describes the tendency to follow the actions and decisions of a group?

Herd mentality

Anchoring bias

Mental accounting

Rational choice theory

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