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Worksheets

Q3 Concepts Revisted

Total questions: 200

Worksheet time: 5hrs 0mins

Name
Class
Date
1.

When you have unlimited wants but limited resources you have the definition of:

a)

marginal analysis

b)

opportunity cost

c)

scarcity

2.

Economics is the study of _______

a)

trade

b)

choices

c)

scarcity

3.

Macroeconomics is the study of

a)

the economy as a whole

b)

small economic units

c)

factors of production

4.

what is the cost of the choices we have to make due to scarcity called?

a)

marginal analysis

b)

opportunity cost

c)

tradeoff

5.

Everyone acts in their own self interest to make decisions by comparing the marginal cost to the ___________

a)

trade off

b)

comparative advantage

c)

marginal benefit

6.

Looking at marginal analysis means looking at the __________ cost and benefit

a)

additional

b)

total

c)

average

7.

All of the alternatives to the choice we make are called

a)

opportunity costs

b)

marginal costs

c)

trade offs

8.

The most desirable alternative given up in a choice is called

a)

opportunity cost

b)

marginal cost

c)

trade off

9.

Economics can be described as the study of (a)  

Choose from the below words
Money
Choices
graphing
price ceilings and price floors
10.

The 4 Factors of Production (FOP) are

a)

rent for land, wages for labor, profit for capital, interest for entrepreneurship

b)

land, labor, capital, entrepreneurship

c)

land, labor, physical capital, financial capital

d)

land, labor, resources, profits

11.

Emily is deciding what to do after high school. Right now her two options are: go to college or enter the workforce/get a job. She can only choose one. Emily decides to get a job. Which of the following is the opportunity cost of her decision?

a)

money

b)

job

c)

time

d)

college

12.

Entrepreneurs are...

a)

people with all their efforts and abilities

b)

individuals who start a new business or bring a product to market.

c)

The "gifts of nature" or natural resources not created by human effort.

d)

the tools, equipment, and factories used in production of goods and services

13.

The additional benefit of the use/comsumption of an additonal good or service

a)

Marginal benefit

b)

Marginal cost

c)

Utility

14.

Vegetation, animals, minerals, air, water, climate

a)

Land Resources

b)

Labor Resources

c)

Capital Resources

d)

Entrepreneurs

15.

An item used in production, such as tools, equipment, machinery, factories, etc

a)

Capital Resources

b)

Labor Resources

c)

Land Resources

d)

Entrepreneurs

16.

The condition of scarcity can be described as one that

a)

afflicts only people and nations outside of the US

b)

exists when our unlimited needs/wants exceed our limited resources

c)

exists when our limited resources exceed our unlimited needs/wants

d)

only applies to luxury items

17.

Which one would be considered a want?

a)

Water

b)

House

c)

Healthcare

d)

iPad

18.

Amount of personal satifisfaction or pleasure one gets from consuming a good or service

a)

Utility

b)

Marginal Utility

c)

Marginal costs

d)

Negative Utility

19.

Explicit costs of college are...

(select all that apply)

a)

Time

b)

Mental Health

c)

Tuition and Books

d)

Room and Board

20.

People who apply their efforts, abilities and skills

a)

Labor Resources

b)

Land Resources

c)

Capital Resources

d)

Entrepreneurs

21.

As an individual consumes an additional good or servce, their satisfaction decreases

a)

Marginal Utility

b)

Law of Diminishing Marginal Utility

c)

Utility

d)

Negative Utility

22.

The implicit costs of college are...

(select all that apply)

a)

Time

b)

Mental Health

c)

Tuition and books

d)

Room and board

23.

Which one is a need?

a)

House

b)

McDonalds

c)

Yeezys

d)

La Croix Sparkling Water

24.
__________________ is the willingness and desire of a peson to buy a good. 
a)
Supply
b)
Service
c)
Demand
25.
What is the fundamental problem of economics? 
a)
How to keep consumers out of debt?
b)
How to fulfill our unlimited wants and needs with limited resources?
c)
How to figure out the way to make the most money?
d)
How do we ensure all people get a college education?
26.
Opportunity Cost is best defined as
a)
The best rejected alternative you give up when making a decision 
b)
The price you pay to purchase something 
c)
The benefit you gain by making a decision 
d)
The amount of debt you take on by making a decision 
27.
Which of the following would be an example of human capital? 
a)
The amount of workers who work in a Nike factory
b)
The skills of the shoe designers at Nike 
c)
Philip Knight, the CEO of Nike 
d)
The land that the Nike headquarters is located on in Beaverton Oregon
28.
Soil, minerals, air, water, and coal are all examples of
a)
Fossil fules
b)
Conservation
c)
recycling
d)
natural resources
29.
Antonio has an Economic test tomorrow and knows that if he stays up and studies until 11 p.m. he has a good chance of making an A on the test.  However he is really tired and knows that if he goes to bed at 10:00 p.m. he can easily make a B on the exam.  What is Antonio's opportunity cost if he goes to bed at 11:00 p.m.
a)
An A on the exam 
b)
making a B on the exam 
c)
Losing one hour of sleep
d)
gaining one hour of sleep
30.
What term describes the tools and technology used to make a product?
a)
capital goods
b)
human capital
c)
exports
d)
imports
31.
Which of the following is a need?
a)
clothes
b)
car
c)
job
d)
smart phone
32.
What is the meaning of Trade-Off?
a)
Having more than you want, or need.
b)
When people work in jobs where they produce a few special goods, or services.
c)
When you get a little lees of ne thing in order to get a little more of something else.
d)
Something one person does for someone else.
33.

Which of the following is one of the three basic economic questions?

a)

What price should be set for goods and services?

b)

How can income be shared?

c)

How should goods and services be produced?

d)

How is a budget created?

34.

Which type of economic system has the highest level of government control?

a)

traditional economy

b)

market economy

c)

command economy

d)

mixed economy

35.

Economy in which people make economic decisions based on their group's customs and values. Not common today.

a)

Traditional Economy

b)

Market Economy

c)

Command Economy

d)

Mixed Economy

36.

Individual consumers and producers make economic decisions based on the principles of freedom, competition, and profit.

a)

Traditional Economy

b)

Market Economy

c)

Command Economy

d)

Mixed Economy

37.

The central government makes all economic decisions.

a)

Traditional Economy

b)

Market Economy

c)

Command Economy

d)

Mixed Economy

38.

___________ is the ability and willingness to produce a good or service.

a)

Producer

b)

Opportunity cost

c)

Supply

d)

Demand

39.

People or businesses that make and sell goods or services.

a)

consumers

b)

producers

c)

principal

d)

superintendent

40.

People or businesses that buy or consume goods or services.

a)

consumers

b)

producers

c)

principal

d)

superintendent

41.

Which of these examples is a service?

a)

Mr. Farr sells guitars.

b)

Mr. Swenson gives art supplies to consumers.

c)

Coach provides lessons for different sports.

d)

Ms. Miller writes books.

42.
Which of the following is a good?
a)
cutting grass
b)
car wash
c)
food
d)
restaurant
43.
The first step in making a decision is to: 
a)
A. Brainstorm possible solution
b)
B. Describe the problem or situation
c)
C. Consider the consequences
d)
D. Evaluate the decision
44.
Why is the last step (step 6-evaluate) important?
a)
A. It helps you to make your decision faster
b)
B. It helps you to think about your decision afterward to see if you would make that same decision again another time.
c)
C.  It helps you always make the perfect decision
d)
D.   It helps you make your decision based on what your friends do.
45.
What is the second step in the decision-making model? 
a)
A. Describe the problem
b)
B. Evaluate
c)
C. Explore your options
d)
D. Identify your values
46.
The decision-making model will help you to:  
a)
make perfect decisions
b)
make more responsible decisions
c)
help you to make impulsive decisions
d)
avoid responsible decisions
47.
What is the central characteristic of a market economy.
a)
Government owns the means of production.
b)
All wage earners are paid identical amounts.
c)
The existence of labor unions is prohibited.
d)
Business owners are motivated by a desire for profit.
48.

Which of the following is not one of the principles of a capitalist (market) society?

a)

Private Property

b)

Entrepreneurship

c)

Competition

d)

Profit

49.

Economics - the study of how people seek to satisfy their

a)

needs and wants by making choices

b)

needs using personal finance

c)

needs and wants based on opportunity costs

d)

needs and wants using mathematical models and statistical analysis

50.

Scarcity, is the principle that

a)

limited amounts of goods and services are available to meet unlimited wants & needs

b)

unlimited amounts of goods and services are available to meet unlimited wants & needs

c)

limited amounts of goods and services are available to meet limited wants & needs

d)

all amounts of goods and services are available to meet unlimited wants & needs

51.

An incentive

a)

encourages specific behavior or action

b)

a bribe to make you afraid

c)

an offer to make a deal

d)

none of these

e)

is the best choice of two choices

52.

Cost

a)

a good or positive outcome of choice

b)

a bad or negative outcome of choice

c)

the loss of any potential gains for un-selected choices

d)

the gain of any potential losses for un-selected choices

53.

Opportunity Cost is

a)

a good or positive outcome of choice

b)

a bad or negative outcome of choice

c)

the loss of any potential gains for an un-selected choice

d)

the gain of any potential losses for un-selected choices

54.

Benefit

a)

a good or positive outcome of choice

b)

a bad or negative outcome of choice

c)

the loss of any potential gains for un-selected choices

d)

the gain of any potential losses for un-selected choices

55.

Scarce Factors of Production used to produce scarce products include Entrepreneurship and

a)

Land

b)

Labor

c)

Capital

d)

Business

e)

Government

56.

Entrepreneurs are

a)

people who start businesses

b)

companies that employee people

c)

businesses made for profit

d)

employees who find a way to make the most money

57.

In a mixed economy

a)

only governments decide what to produce

b)

governments and individuals decide what to produce

c)

only individuals decide what to produce

d)

people barter for goods and services

58.

In a command economy

a)

only governments decide what to produce

b)

governments and individuals decide what to produce

c)

only individuals decide what to produce

d)

people barter for goods and services

59.

Economists describe the economy of the USA as a

a)

traditional economy

b)

mixed economy

c)

command economy

60.

Economists describe the economy of North Korea as a

a)

traditional economy

b)

free market economy

c)

mixed economy

d)

command economy

61.

Capitalism relies on

a)

equal opportunity for all

b)

people pursuing their self interests

c)

people helping their community

d)

controlling externalities

62.

Karl Marx defined Communism as

a)

equal opportunity for all

b)

people pursuing their self interests

c)

equal distribution of wealth

d)

abolition of private property

63.

Social capital

a)

a tool not used up in the production of a good/svc

b)

part of society not used up in the production of a good/svc

c)

individual knowledge and skills used in the production of a good/svc

d)

shared values or resources used in the production of a good/svc

64.

Human capital

a)

a tool not used up in the production of a good/svc

b)

part of society not used up in the production of a good/svc

c)

individual knowledge and skills used in the production of a good/svc

d)

shared values or resources used in the production of a good/svc

65.

Of the following, Capital is best thought of as

a)

a tool not used up in the production of a good/svc

b)

part of society not used up in the production of a good/svc

c)

individual knowledge and skills used in the production of a good/svc

d)

shared values or resources used in the production of a good/svc

66.

Which could be accurately described as the Factor of Production called 'Land'?

a)

hammer

b)

silicon

c)

factory

d)

the internet

67.

This curve demonstrates what idea?

a)

As price increases, quantity demanded goes up

b)

As price decreases, quantity supplied goes up

c)

As price increases, quantity supplied goes up

d)

As price decreases, quantity demanded goes down

68.

This curve demonstrates what idea?

a)

As price increases, quantity demanded goes up

b)

As price decreases, quantity supplied goes up

c)

As price increases, quantity supplied goes up

d)

As price decreases, quantity demanded goes up

69.

A point ON the curve could change if....?

a)

Price changes

b)

People's tastes or preferences change

c)

There is an increase in demand

d)

There is a change in tax structure

70.

If the price of a good goes up, what will happen to quantity supplied?

a)

It will stay the same

b)

It will increase

c)

It will decrease

d)

Supply will change, not quantity supplied

71.

What will happen to quantity demanded if the price goes down?

a)

It will stay the same

b)

It will increase

c)

It will decrease

d)

Quantity demanded won't change, demand will

72.

What could cause the shift from D1 to D2?

a)

A change in preferences

b)

A change in price

c)

A change in quantity demanded

d)

A change in quantity supplied

73.

This graph represents...?

a)

Changes in quantity demanded

b)

Changes in quantity supplied

c)

Changes in demand

d)

Changes in supply

74.

This graph represents...?

a)

Changes in quantity demanded

b)

Changes in quantity supplied

c)

Changes in demand

d)

Changes in supply

75.

If the supply curve on this graph represents iPhones, what would cause the change from S to S1 (red to purple line)?

a)

An increase in computer chips

b)

An increase in the cost of producing an iPhone

c)

Employees figure out a way to work more efficiently

d)

The price of iPhones increases

76.

If Tom Brady unretires and wins a Super Bowl, what will happen to the demand curve for Tom Brady jerseys (in theory)?

a)

It will shift to the right

b)

It will shift to the left

c)

It won't shift

d)

The price will go down

77.

Which is a determinant or shifter of supply?

a)

Number of producers increases

b)

Taxes increase

c)

Price inputs drop

d)

All of the above

78.

There is a record peach harvest, and prices are lowest in decades, what will happen to the supply curve for peach pies?

a)

The supply curve will shift to the right

b)

The supply curve will shift to the left

c)

The demand curve will shift to the right

d)

The demand curve will shift to the left

79.

Congress passes a new "Sugar Tax", how will this impact the supply curve for sugar?

a)

The supply curve will shift to the right

b)

The supply curve will shift to the left

c)

The demand curve will shift to the right

d)

The demand curve will shift to the left

80.

Prices of blueberries rise dramatically, how will this impact the demand curve for strawberries?

a)

The supply curve will shift to the right

b)

The supply curve will shift to the left

c)

The demand curve will shift to the right

d)

The demand curve will shift to the left

81.

Experts say that in five years, video games will cost 200% more than they do now, how will this affect the demand curve for video games now?

a)

The supply curve will shift to the right

b)

The supply curve will shift to the left

c)

The demand curve will shift to the right

d)

The demand curve will shift to the left

82.

Research suggests that consuming sugar can cause health problems. What happens to the demand for Gummy Bears?

a)

The supply curve will shift to the right

b)

The supply curve will shift to the left

c)

The demand curve will shift to the right

d)

The demand curve will shift to the left

83.

The point in the middle of the two curves represents or shows....?

a)

Market Equilibrium

b)

An increase in supply

c)

A shortage

d)

A surplus

84.

________ occurs when quanity demanded is higher than quantity supplied.

a)

Surplus

b)

Shortage

c)

Equilibrium

d)

Market clarity

85.

________ occurs when quanity supplied is higher than quantity demanded.

a)

Surplus

b)

Shortage

c)

Equilibrium

d)

Market clarity

86.
What happened to the Eq and Ep if: a storm destroys all Alaskan oil drills?
a)
Ep increase Eq decrease
b)
Ep decrease Eq decrease
c)
Ep increase Eq increase
d)
Ep decrease Eq increase
87.
What happened to the Eq and Ep of Meijer french fries if: the price of Ore Ida tater tots went down?
a)
Ep increase Eq decrease
b)
Ep decrease Eq decrease
c)
Ep increase Eq increase
d)
Ep decrease Eq increase
88.
What happened to a supply curve when supply goes down?
a)
moves left
b)
moves rights
c)
moves up
d)
moves down
89.
What happened to a demand curve when demand goes down?
a)
moves left
b)
moves rights
c)
moves up
d)
moves down
90.
What happened to a demand curve when demand goes up?
a)
moves left
b)
moves rights
c)
moves up
d)
moves down
91.
What happened to a supply curve when supply goes up?
a)
moves left
b)
moves rights
c)
moves up
d)
moves down
92.
What is the perfect price for a supplier to sell a product & make sure it does not stay for long periods in the store?
a)
surplus
b)

shortage

c)
equilibrium price
d)
subsidy
93.
What is the perfect price for a supplier to sell a product & make sure it does not stay for long periods in the store?
a)
surplus
b)

shortage

c)
equilibrium price
d)
subsidy
94.
What determines price & quantity produced of goods?
a)
supply
b)
demand
c)
consumers
d)
supply & demand
95.
What is a government payment for certain actions?
a)
tax
b)
profit
c)
tariff
d)
subsidy
96.
The diagram represents a(n)
a)
increase in supply
b)
decrease in supply
c)
change in quantity supplied
d)
none of the above
97.

As Supply decreases, Demand ___________

a)

Increases

b)

Decreases

c)

Stays the same

d)

Is not affected by Supply

98.

As Supply increases, Demand ___________

a)

Increases

b)

Decreases

c)

Stays the same

d)

Is not affected by Supply

99.

When Apple releases a new product and everyone is running to the stores to purchase the product, what financial term respects the condition of the Supply of products that are in high demand but low supply?

a)

Surplus

b)

Excess demand

c)

Shortage

d)

Equilibrium

100.

You see an advertisement promoting a sale “for a limited time only!” with a countdown clock. Which bias is being used?

a)

Herd Mentality

b)

Loss Aversion

c)

Hedonic Adaptation

d)

Fear of Missing Out (FOMO)

101.

Behavioral economics is …

a)

The study of how rational people make economic decisions

b)

The study of how irrational factors affect individual’s economic decisions

c)

The study of how economies around the world interact with each other

d)

The study of how investors choose which stocks to buy and sell

102.

Guy bought tickets to a concert but there is a bad snow storm. He decides to go anyway because he paid for it. This is

a)

Sunk Cost Fallacy

b)

Endowment Effect

c)

Overconfidence

d)

Herd Mentality

103.

Ally signs up for a Netflix trial. Because she “owns” a full account, she places high value on it and signs up. This is

a)

Loss Aversion

b)

Herd Mentality

c)

Overprecision

d)

The Endowment Effect

104.

Peter can choose from two retirement accounts. Fearing a loss, he opts for the more conservative one. This is a type of

a)

Confirmation Bias

b)

Overconfidence

c)

Loss Aversion

d)

Fear of Missing Out (FOMO)

105.

Paula sees her friends' pictures of a concert that she couldn't attend because of work. She feels like an outsider.

a)

Paula is experiencing Fear of Missing Out (FOMO)

b)

Paula is experiencing Herd Mentality

c)

Paula is experiencing Loss Aversion

d)

Paula is experiencing Confirmation Bias

106.

Which of the following is an example of loss aversion?

a)

Selling your house at a loss to find a better investment opportunity

b)

Believing that your house is worth more than it is because you own it

c)

Deciding against selling your house below what you purchased it for

d)

Only looking at sources that reinforce a higher selling value for your home

107.

Confirmation bias is …

a)

The tendency to seek out information that supports our existing beliefs

b)

The tendency to value something more because you own it

c)

The belief that we are better at something than we actually are

d)

The belief that we should do something because our friends are doing it

108.

People who win the lottery tend to return to their original levels of happiness after the novelty of winning wears off.

a)

This is an example of the Endowment Effect

b)

This is an example of Confirmation Bias

c)

This is an example of Hedonic Adaptation

d)

This is an example of Herd Mentality

109.

The Fear of Missing Out, or FOMO, is…

a)

The effect of feeling a loss more than an equal gain

b)

The anxiety that an interesting or exciting event is happening without you

c)

Placing higher value on things you own

d)

The opposite of YOLO (You Only Live Once)

110.

The Endowment Effect is …

a)

Doing something because you see all of your friends doing it

b)

Valuing something more because you own it

c)

Returning to a baseline level of happiness after a major event

d)

Continuing something because you have contributed resources to it

111.

The irrational ways that we process information & make decisions using our own perspective and incomplete information.

a)

Cognitive biases

b)

Hedonic Adaptation

c)

The Endowment Effect

d)

Overprecision

112.

You are new to a city and find two restaurants near each other that offer a similar menu. You pick the more crowded one.

a)

This is an example of Fear of Missing Out (FOMO)

b)

This is an example of Herd Mentality

c)

This is an example of Sunk Cost Fallacy

d)

This is an example of Overvaluing

113.

Marie's car has needed over $2000 in repairs. She resists selling it because she has spent so much money. This is...

a)

The Endowment Effect

b)

Confirmation Bias

c)

Overconfidence Bias

d)

Sunk Cost Fallacy

114.

While researching Apple, Remy tends to focus on positive stories about their profits instead of stories about poor sales

a)

Remy is experiencing the Endowment Effect

b)

Remy is experiencing Overconfidence Bias

c)

Remy is experiencing Herd Mentality

d)

Remy is experiencing Confirmation Bias

115.

75% of drivers believe that they are above average. Which type of overconfidence is this an example of?

a)

Overestimation

b)

Overplacement

c)

Overprecision

d)

Overvaluing

116.

In 2021, many people saw the value of Gamestop stock increasing sharply and purchased the stock too. These buyers were

a)

Experiencing Herd Mentality

b)

Experiencing Overprecision

c)

Experiencing Confirmation Bias

d)

Experiencing Hedonic Adaptation

117.

Which of the following is an example of allowing sunk costs to impact your decision?

a)

Not selling a baseball card that you think is worth more because you own it

b)

Continuing to watch a movie that you don’t like because you paid to see it

c)

Selling a stock because you see the price drop and want to avoid losses

d)

Buying a new phone because you see all of your friends have that it

118.

Max believes his sense of direction is excellent and refuses to ask for directions. Which overconfidence is he showing?

a)

Overestimation

b)

Overplacement

c)

Overprecision

d)

Oversimplifying

119.

Overprecision is …

a)

The exaggerated certainty that our beliefs are correct

b)

The overvaluing of our own abilities relative to everyone else

c)

The belief that we are above average without supporting evidence

d)

The expectation that other people place upon us to be accurate all the time

120.

Which of the following scenarios BEST demonstrates FOMO (Fear of Missing Out)?

a)

Megan takes a baking class after seeing a sign for the class at her favorite bakery

b)

David goes on a vacation to Europe and posts about it on social media every day

c)

Angela sees an advertisement for a pair of shoes and decides to buy them

d)

José wants to go see a movie that all of his friends have seen and are raving about

121.

Research done on peoples' salaries and happiness levels has shown that...

a)

Most people are satisfied with their current annual salaries

b)

Increasing your annual salary is guaranteed to increase your long-term happiness

c)

Humans typically become accustomed to how much they earn and eventually want more

d)

Most people need to earn at least $200,000 a year in order to be happy

122.

Which of the following best describes what a cognitive bias is?

a)

A rational decision that is based on research and facts

b)

The belief that a person should change their opinions when new facts arise

c)

The belief that we are right until someone provides information that contradicts our belief

d)

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

123.

Janet has a snowboard she doesn’t use anymore, but loss aversion has made her question whether or not she should sell it. Her friend Jack suggests she use the Overnight Test. Which of the following scenarios demonstrates the strategy she’s using?

a)

Imagine the snowboard was replaced with cash, then make a plan about how to spend the cash.

b)

Imagine the snowboard was replaced with cash, then figure out how to keep the cash and get her snowboard back.

c)

Imagine the snowboard was replaced with cash, then decide if she's happier with the cash or the snowboard.

d)

Imagine the snowboard was replaced with cash, then figure out how to use the cash to get her snowboard back.

124.

Sebastian began day trading stocks at the beginning of the summer.  After a month, he made a profit of $200.  Due to his short term success and his belief that he is a highly skilled trader, Sebastian puts his entire savings into the market.  This is an example of

a)

Overconfidence Bias

b)

The Fear of Missing Out (FOMO)

c)

Confirmation Bias

d)

The Endowment Effect

125.

Imagine two scenarios: 

Scenario 1: You see a rare sports card being sold for $500 in a store but choose not to buy it because you think it’s too expensive. 

Scenario 2: You find a rare sports card worth $500 in your parents’ attic. Rather than sell it, you choose to put it in a case and display it in your room. 

In scenario 1, you are putting more value on your $500 than the card. In scenario 2, you are putting more value on your card than the $500. This is an example of what?

a)

Fear of missing out

b)

Overconfidence

c)

Endowment effect

d)

Confirmation bias

126.

Michael observed he felt the pain of losing a $20 bill more than he felt the joy of finding it on the sidewalk the week before. This is a result of...

a)

Endowment effect

b)

Loss aversion

c)

Sunk cost

d)

Overconfidence

127.

All of the following are types of overconfidence bias EXCEPT...

a)

Overplacement

b)

Overestimation

c)

Overprecision

d)

Overgeneralization

128.

Unlike traditional economics, behavioral economics believes that

a)

People behave in a rational way when making economic decisions

b)

There is no way to predict how people will make economic decisions

c)

People will always update their viewpoints based on new information

d)

People do not always behave in a rational way when making economic decisions

129.

Investments of time, effort, and money that cannot be recovered are...

a)

Opportunity costs

b)

Sunk costs

c)

Relevant costs

d)

Avoidale costs

130.

A website tells you, "Only one left!" while shopping online. Which loss aversion strategy is this website using?

a)

Coupons

b)

Scarcity and urgency

c)

Buy now, get free shipping

d)

Free trials and samples

131.

You spend an entire Saturday going to car dealerships in search of a used car. You spend hours looking at cars and even test drive a few, but there are none you like that fit your budget. What is the sunk cost you should ignore when deciding whether or not to buy a car that day?

a)

The cost of the car

b)

The cost of the warranty

c)

The time it will take to drive home

d)

The time you spent looking for cars that day

132.

You are doing research on a new electric car that you are interested in buying.  You only visit the car company’s website and an online message board of electric car enthusiasts to do your research.  This strategy may lead to …

a)

Herd Mentality

b)

The Endowment Effect

c)

Confirmation Bias

d)

Loss Aversion

133.

An "experiential purchase" is...

a)

Something that commemorates an experience, like a souvenir

b)

Something that creates or enhances an experience or connects us with other people

c)

Something that was made by hand rather than at a factory

d)

Something that has a lot of monetary value

134.

Herd mentality may explain why...

a)

Davona chose to skip dinner with her friends and watched a movie at home instead

b)

Mason went to see a movie with his friends even though he didn't like the genre

c)

Ginnifer decided to keep her current phone even though her closest friends bought the new version

d)

Akshay bought a shirt he liked from an unpopular brand

135.

Imani attends a town hall meeting where a tax increase is proposed to help pay for a new bridge.  After the meeting, she reads Facebook comments that complain about the already high taxes in her town, which is a view that she agrees with.  To avoid confirmation bias, Imani should…

a)

avoid social media since it will influence her decision

b)

seek out comments that support the tax increase and the bridge project to provide an alternative viewpoint

c)

allow others to make the decision because she is too biased

d)

join a Facebook group that organizes citizens that are opposed to the tax increase

136.

Due to hedonic adaptation, what do you expect would happen to Anu's level of happiness after buying a new jacket?

a)

It would initially increase, then return to a baseline level

b)

It would remain at a baseline level, then increase over time

c)

It would initially decrease, then return to a baseline level

d)

It would remain at a baseline level, then decrease over time

137.

You buy a stock that has a price of $50 per share. A week later the stock's price drops to $25 per share (it's lost half its value).  If you are affected by loss aversion you would be likely to…

a)

Buy more shares

b)

Sell the shares

c)

Do nothing

d)

Look for other stocks to buy

138.

People who experience FOMO may ...

a)

save a percentage of their paycheck each month

b)

donate money to a cause they care about

c)

go into debt to keep up with everyone else

d)

create and stick to a monthly budget

139.

Your friend gives you an item. A day later, they offer to trade you another item of similar value. According to the endowment effect, most people would keep the item…

a)

They received first

b)

They were offered second

c)

They could sell for the most

d)

They think looks the best

140.

People are compelled to buy MORE stuff for all of the following reasons EXCEPT...

a)

The media portrays that the more stuff we have, the happier we will be

b)

We tend to want more compared to those around us

c)

Scientific research proves that the more items we own, the happier we tend to be

d)

Once the initial novelty of a recent purchase wears off, we look to buy the next new thing

141.

Each of the following statements is an example of confirmation bias EXCEPT...

a)

Interpreting information to support your existing beliefs

b)

Seeking information that challenges your beliefs

c)

Only remembering details that uphold your beliefs

d)

Ignoring information that challenges your beliefs

142.

All of the following explain why humans might "follow the herd" EXCEPT...

a)

People prefer having opinions that are very different from those of others

b)

It can be uncomfortable standing out from the crowd

c)

Humans evolved to stick with the herd to survive

d)

Fighting social pressure can be difficult to do

143.

Which of the following scenarios BEST demonstrates FOMO (Fear of Missing Out)?

a)

Megan takes a baking class after seeing a sign for the class at her favorite bakery

b)

David goes on a vacation to Europe and posts about it on social media every day

c)

Angela sees an advertisement for a pair of shoes and decides to buy them

d)

José wants to go see a movie that all of his friends have seen and are raving about

144.

Research done on peoples' salaries and happiness levels has shown that...

a)

Most people are satisfied with their current annual salaries

b)

Increasing your annual salary is guaranteed to increase your long-term happiness

c)

Humans typically become accustomed to how much they earn and eventually want more

d)

Most people need to earn at least $200,000 a year in order to be happy

145.

Which of the following best describes what a cognitive bias is?

a)

A rational decision that is based on research and facts

b)

The belief that a person should change their opinions when new facts arise

c)

The belief that we are right until someone provides information that contradicts our belief

d)

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

146.

Janet has a snowboard she doesn’t use anymore, but loss aversion has made her question whether or not she should sell it. Her friend Jack suggests she use the Overnight Test. Which of the following scenarios demonstrates the strategy she’s using?

a)

Imagine the snowboard was replaced with cash, then make a plan about how to spend the cash.

b)

Imagine the snowboard was replaced with cash, then figure out how to keep the cash and get her snowboard back.

c)

Imagine the snowboard was replaced with cash, then decide if she's happier with the cash or the snowboard.

d)

Imagine the snowboard was replaced with cash, then figure out how to use the cash to get her snowboard back.

147.

Sebastian began day trading stocks at the beginning of the summer.  After a month, he made a profit of $200.  Due to his short term success and his belief that he is a highly skilled trader, Sebastian puts his entire savings into the market.  This is an example of

a)

Overconfidence Bias

b)

The Fear of Missing Out (FOMO)

c)

Confirmation Bias

d)

The Endowment Effect

148.

Imagine two scenarios: 

Scenario 1: You see a rare sports card being sold for $500 in a store but choose not to buy it because you think it’s too expensive. 

Scenario 2: You find a rare sports card worth $500 in your parents’ attic. Rather than sell it, you choose to put it in a case and display it in your room. 

In scenario 1, you are putting more value on your $500 than the card. In scenario 2, you are putting more value on your card than the $500. This is an example of what?

a)

Fear of missing out

b)

Overconfidence

c)

Endowment effect

d)

Confirmation bias

149.

Michael observed he felt the pain of losing a $20 bill more than he felt the joy of finding it on the sidewalk the week before. This is a result of...

a)

Endowment effect

b)

Loss aversion

c)

Sunk cost

d)

Overconfidence

150.

All of the following are types of overconfidence bias EXCEPT...

a)

Overplacement

b)

Overestimation

c)

Overprecision

d)

Overgeneralization

151.

Unlike traditional economics, behavioral economics believes that

a)

People behave in a rational way when making economic decisions

b)

There is no way to predict how people will make economic decisions

c)

People will always update their viewpoints based on new information

d)

People do not always behave in a rational way when making economic decisions

152.

Investments of time, effort, and money that cannot be recovered are...

a)

Opportunity costs

b)

Sunk costs

c)

Relevant costs

d)

Avoidale costs

153.

A website tells you, "Only one left!" while shopping online. Which loss aversion strategy is this website using?

a)

Coupons

b)

Scarcity and urgency

c)

Buy now, get free shipping

d)

Free trials and samples

154.

You spend an entire Saturday going to car dealerships in search of a used car. You spend hours looking at cars and even test drive a few, but there are none you like that fit your budget. What is the sunk cost you should ignore when deciding whether or not to buy a car that day?

a)

The cost of the car

b)

The cost of the warranty

c)

The time it will take to drive home

d)

The time you spent looking for cars that day

155.

You are doing research on a new electric car that you are interested in buying.  You only visit the car company’s website and an online message board of electric car enthusiasts to do your research.  This strategy may lead to …

a)

Herd Mentality

b)

The Endowment Effect

c)

Confirmation Bias

d)

Loss Aversion

156.

An "experiential purchase" is...

a)

Something that commemorates an experience, like a souvenir

b)

Something that creates or enhances an experience or connects us with other people

c)

Something that was made by hand rather than at a factory

d)

Something that has a lot of monetary value

157.

Herd mentality may explain why...

a)

Davona chose to skip dinner with her friends and watched a movie at home instead

b)

Mason went to see a movie with his friends even though he didn't like the genre

c)

Ginnifer decided to keep her current phone even though her closest friends bought the new version

d)

Akshay bought a shirt he liked from an unpopular brand

158.

Imani attends a town hall meeting where a tax increase is proposed to help pay for a new bridge.  After the meeting, she reads Facebook comments that complain about the already high taxes in her town, which is a view that she agrees with.  To avoid confirmation bias, Imani should…

a)

avoid social media since it will influence her decision

b)

seek out comments that support the tax increase and the bridge project to provide an alternative viewpoint

c)

allow others to make the decision because she is too biased

d)

join a Facebook group that organizes citizens that are opposed to the tax increase

159.

Due to hedonic adaptation, what do you expect would happen to Anu's level of happiness after buying a new jacket?

a)

It would initially increase, then return to a baseline level

b)

It would remain at a baseline level, then increase over time

c)

It would initially decrease, then return to a baseline level

d)

It would remain at a baseline level, then decrease over time

160.

You buy a stock that has a price of $50 per share. A week later the stock's price drops to $25 per share (it's lost half its value).  If you are affected by loss aversion you would be likely to…

a)

Buy more shares

b)

Sell the shares

c)

Do nothing

d)

Look for other stocks to buy

161.

People who experience FOMO may ...

a)

save a percentage of their paycheck each month

b)

donate money to a cause they care about

c)

go into debt to keep up with everyone else

d)

create and stick to a monthly budget

162.

Your friend gives you an item. A day later, they offer to trade you another item of similar value. According to the endowment effect, most people would keep the item…

a)

They received first

b)

They were offered second

c)

They could sell for the most

d)

They think looks the best

163.

People are compelled to buy MORE stuff for all of the following reasons EXCEPT...

a)

The media portrays that the more stuff we have, the happier we will be

b)

We tend to want more compared to those around us

c)

Scientific research proves that the more items we own, the happier we tend to be

d)

Once the initial novelty of a recent purchase wears off, we look to buy the next new thing

164.

Each of the following statements is an example of confirmation bias EXCEPT...

a)

Interpreting information to support your existing beliefs

b)

Seeking information that challenges your beliefs

c)

Only remembering details that uphold your beliefs

d)

Ignoring information that challenges your beliefs

165.

All of the following explain why humans might "follow the herd" EXCEPT...

a)

People prefer having opinions that are very different from those of others

b)

It can be uncomfortable standing out from the crowd

c)

Humans evolved to stick with the herd to survive

d)

Fighting social pressure can be difficult to do

166.

The tendency to attribute greater accuracy to the opinion of an authority figure (unrelated to its content) and be more influenced by that opinion

a)

Authority Bias

b)

Browser Extension

c)

Buy Nothing Project

d)

Comparison Shopping

167.

A dark pattern that makes you think you are taking a specific action, but a different, undesirable action takes place instead

a)

Authority Bias

b)

Buy Nothing Project

c)

Bait and Switch

d)

Browser Extension

168.

The tendency to keep prior commitments and staying consistent with our prior selves when possible

a)

Commitment and Consistency Bias

b)

Authority Bias

c)

Bait and Switch

d)

Comparison Shopping

169.

A dark pattern where the option to decline an offer is worded to shame the user into compliance

a)

Dark Patterns

b)

Confirmshaming

c)

Consumer

d)

Data Breach

170.

Website design features intended to trick users into doing things they might not want to do, but which benefit the business in question

a)

Commitment and Consistency Bias

b)

Confirmshaming

c)

Dark Patterns

d)

Comparison Shopping

171.

The use of game design elements to get you to spend more time and more money on a website or app

a)

Friend Spam

b)

Gamification

c)

Forced Continuity

d)

Installment Plan

172.

The tendency to judge in favor of people and symbols we like

a)

Liking Bias

b)

Investment Scam

c)

Influencer

d)

Identity Theft

173.

A type of scam in which personal information is requested, typically through an illegitimate email

a)

Phishing Scam

b)

Price Matching

c)

Privacy Zuckering

d)

Pyramid Scheme

174.

A type of scam in which investors artificially inflate the price of an asset and then sell out before the price falls

a)

Privacy Zuckering

b)

Pump and Dump Scam

c)

Price Matching

d)

Reciprocity Bias

175.

A type of scam in which an online relationship is built and then money is requested

a)

Scarcity Bias

b)

Shopping Scam

c)

Romance Scam

d)

Social Proof Bias

176.

Factors such as authority, liking, or scarcity that have an effect on the way we make decisions

a)

Sneak Into Basket

b)

Thrifting

c)

Trick Question

d)

Ways of Influence

177.

A type of scam in which a QR code directs users to a fake website to collect information or install malware

a)

Privacy Zuckering

b)

Reciprocity Bias

c)

Price Matching

d)

QR Code Scam

178.

A dark pattern in which a retailer makes it hard for you to compare the price of an item with that of another similar item so you cannot make an informed decision

a)

Liking Bias

b)

Misdirection

c)

Multi-level Marketing Company (MLM)

d)

Price Comparison Prevention

179.

Additional charges added on to the cost of a good or service that a consumer may not necessarily be aware of at the time of purchase

a)

Installment Plan

b)

Identity Theft

c)

Gamification

d)

Hidden Fees

180.

A dark pattern in which you are tricked into sharing more information about yourself than you intended to

a)

Pyramid Scheme

b)

QR Code Scam

c)

Reciprocity Bias

d)

Privacy Zuckering

181.

A dark pattern in which your free trial with a service comes to an end and your account begins to be charged without any warning

a)

Forced Continuity

b)

Sneak Into Basket

c)

Social Proof Bias

d)

Ways of Influence

182.

The cost for one item or measurement that allows it to be easily compared to other similar products to evaluate which is a better deal

a)

2-Factor Authentication (2FA)

b)

Unit Price

c)

Software as a Service (SaaS)

d)

Social Proof Bias

183.

An illicit business model where profits are based on the investor's ability to recruit other individuals who are enrolled to make payments to their recruiters. Generally, neither a product or service is delivered.

a)

Price Comparison Prevention

b)

Price Matching

c)

Privacy Zuckering

d)

Pyramid Scheme

184.

A payment method that allows you to pay for purchases over time by dividing the purchase amount into smaller equal payments, often with interest and additional fees; also known as Buy Now Pay Later plans

a)

Installment Plan

b)

Investment Scam

c)

Liking Bias

d)

Identity Theft

185.

A type of scam in which fake investment opportunities are sold, often using cryptocurrency

a)

Privacy Zuckering

b)

Price Comparison Prevention

c)

Investment Scam

d)

Misdirection

186.

What common mistake do consumers often make when looking for the best deal online?

a)

They prioritize value over price.

b)

They focus only on the price of an item.

c)

They consider the brand before the price.

d)

They buy items without comparing them side by side.

187.

What 'trick' do manufacturers often use to make consumers think they are getting the best deal, as mentioned in the text?

a)

Offering free shipping

b)

Using high-quality materials

c)

Providing a long warranty

d)

Using large packaging to suggest more quantity

188.

What should you always read to assess the performance of a product before purchasing it online?

a)

The manufacturer's warranty

b)

Customer testimonials or reviews

c)

The price tag

d)

The product specifications only

189.

When comparison shopping, why should one prioritize quality over bargains?

a)

Quality items are always cheaper in the long run.

b)

Quality items are less important than the price.

c)

Quality items justify a higher price and can last for years.

d)

Quality items have more attractive packaging.

190.

What is advised to consider when looking at the quantity of a product?

a)

Always choose the product with the largest packaging.

b)

Compare the price per ounce to determine value.

c)

Smaller containers are always more expensive.

d)

Larger containers always offer better value.

191.
What type of economic system allows the government to decide what to produce, how to produce and for whom to produce?
a)
Market
b)
Mixed
c)
Command
d)
Traditional
192.
What type of economic system is based on customs and beliefs?
a)
Market
b)
Mixed
c)
Traditional
d)
command
193.
The four types of economic systems are: 
a)
Traditional, Command, Mixed, & Market
b)
Traditional, Command, Combined, & Market
c)
Communism, Capitalism, Free Market, and Macroeconomics
d)
Microeconomics, Macroeconomics, Individual, and Traditional.
194.
What are the 3 economic questions?
a)
What to produce? How To Produce? For whom to produce?
b)
Who to produce? Why you produce? Like to produce?
c)
Why to produce? Tell who to produce? Things to produce?
d)
What to produce? How to produce? When to produce?
195.
What type of economy do most countries in the world have?
a)
Market economy
b)
Command economy
c)
Traditional economy
d)
Mixed economy
196.

Oil, natural gas, and coal

a)

human resources

b)

natural resources

c)

entrepreneurship

d)

capital resources

197.
In this type of economy, the individual decides who to sell their products to.  
a)
Traditional 
b)
Mixed 
c)
Market
d)
Command
198.
If my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy. 
a)
Traditional 
b)
Market 
c)
Command 
d)
Mixed
199.
I am a farmer in Africa, and have always traded for my goods.  I have a _____ economy. 
a)
Traditional 
b)
Command 
c)
Market
d)
Mixed
200.

A _________ economy is a market-based system in which the government is involved to some extent.

a)

Traditional

b)

Planned/command

c)

Mixed

d)

Free Market

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