Roger finds a stock that he is interested in buying. Which of the following behaviors demonstrates his overconfidence bias?

Roger invests the majority of his available money into buying shares of this stock

Roger seeks out sources that contradict his decision to buy the stock

Roger decides not to purchase the stock because it is not worth the risk

Roger waits 2 to 3 days before buying the stock

Isaiah learned about hedonic adaptation and wants to spend his money more wisely. Which of the following actions is the BEST way to do so?

Donating money to a local charity that supports a cause he cares about

Buying a case for his phone a month after getting a new one

Purchasing a shirt impulsively after seeing an ad on social media

Getting the latest model of his laptop even though his old one works fine

Loss aversion is the idea that...

We tend to feel the effect of losses more than the effect of similar gains

We tend to make investments that lose money

We tend to avoid telling people about our losses

If you lose money, you shouldn’t be in charge of making financial decisions

One way to overcome loss aversion is to…

Reframe the situation so that you focus on the potential gains

Ask a friend what they’d do and follow their example

Think of the best case scenario and base your decision on how you feel

An error in the way we think that can influence our decisions

The desire to seek out information that confirms our existing beliefs

The belief that our abilities are better than they actually are

The concept of placing more value on an item when we own it

Why is intentionally focusing on the gains in life important?

To foster a mindset of gratitude and appreciation

To dwell on past mistakes and regrets

To increase stress and anxiety levels

To ignore positive aspects and only focus on negatives

How might businesses use cognitive biases to their advantage?

Leveraging cognitive biases to influence consumer decision-making

By promoting transparent and unbiased marketing strategies

Avoiding any reference to emotional or psychological factors in advertising

Encouraging critical thinking and rational decision-making in their customers

Which of the following describes the endowment effect?

Valuing things we own more highly just because we own them

Placing more value on information we’ve received recently over information received long ago

The tendency to look for information that confirms beliefs we already have

Considering inputs of time, money, and effort we can’t get back when making decisions

4th Period Behavioral Economics Unit Test

Authored by Bryan Laney

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4th Period Behavioral Economics Unit Test

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OPEN ENDED QUESTION

30 sec • Ungraded

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MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Which of the following BEST demonstrates herd mentality?

Sophie sees an ad for a pair of shoes on Instagram and decides to buy them

Will really likes an android phone his dad has but chooses to buy an iPhone because his friends all have one

Charlie decides to buy a jacket they saw a friend wearing that they really liked

Juan is in a department store, sees a shirt he likes, and decides to buy it

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Due to FOMO, many people are…

Spending money they don’t have and going into debt

Making purchases that align with their values

Quitting social media for good, costing companies billions of dollars

Saving unprecedented amounts of money for their futures

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

One realistic way to combat the influence of herd mentality and FOMO is…

Immediately delete your social media profiles

Close all of your credit card accounts

Follow a budget and align your spending with your financial goals and priorities

Put away half of your paycheck in a savings account

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

Jaq purchases a new Nike jacket. What would you expect to happen over time due to hedonic adaptation?

Jaq's happiness will increase and she’ll remain at her new, higher level of happiness

Jaq's happiness will remain at its baseline level over time

Jaq's happiness will decrease and she’ll remain at her new, lower level of happiness

Jaq's happiness will initially increase and then decrease to her baseline level of happiness over time

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Confirmation bias is…

Valuing your own opinions over the opinions of others

The tendency to interpret new evidence as proof of one's existing beliefs or theories

Believing that you are better at something then you actually are

An exaggerated certainty that a person is correct

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

All of the following are types of confirmation bias EXCEPT…

Interpreting information to support your existing belief

Purposely ignoring information that challenges your belief

Only remembering details that uphold your belief

Seeking out objective facts that go against your belief

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4th Period Behavioral Economics Unit Test

Name

Which of the following BEST demonstrates herd mentality?

Due to FOMO, many people are…

One realistic way to combat the influence of herd mentality and FOMO is…

Jaq purchases a new Nike jacket. What would you expect to happen over time due to hedonic adaptation?

Confirmation bias is…

All of the following are types of confirmation bias EXCEPT…

Roger finds a stock that he is interested in buying. Which of the following behaviors demonstrates his overconfidence bias?

All of the following are common explanations for why we are driven to buy more stuff EXCEPT…

Isaiah learned about hedonic adaptation and wants to spend his money more wisely. Which of the following actions is the BEST way to do so?

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