
Biases in thinking
Quiz
•
Social Studies
•
12th Grade
•
Practice Problem
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Medium
Senshya Thomas
Used 1+ times
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62 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the definition of anchoring bias?
The tendency to disregard initial information in decision-making.
The reliance on the first piece of information offered when making decisions.
The tendency to avoid making decisions based on subjective judgment.
The belief that all decisions are rational and unbiased.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of anchoring bias?
Evaluating a lamp’s value solely based on its utility.
Basing the value of a lamp on the shopkeeper’s initial price.
Ignoring the shopkeeper's initial price during negotiation.
Using expert knowledge to assess the lamp's value.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is the initial price quoted in a negotiation considered an anchor?
It determines the final price without adjustments.
It is the only information available about the product.
It influences subsequent judgments and negotiations.
It provides accurate and fair pricing for the product.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the example given, why does the buyer feel successful paying 60 USD for a lamp?
The lamp’s utility justified the cost.
The buyer evaluated multiple prices for the lamp.
The buyer compared the final price to the initial anchor price.
The shop owner revealed the actual cost of the lamp.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Anchoring bias can be intentionally used to influence decisions. Which profession commonly uses this bias?
Doctors
Salesmen
Scientists
Engineers
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens if the shop owner sets the anchor price higher?
Buyers are less likely to negotiate.
Buyers will judge subsequent prices relative to the higher anchor.
Buyers disregard the anchor price and offer their own price.
The anchor price has no effect on buyer behavior.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a key feature of anchoring bias in decision-making?
The anchor becomes irrelevant during negotiations.
Individuals rely heavily on subjective judgments.
Adjustments to decisions are made relative to the anchor.
Initial information has minimal impact on final decisions.
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