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Cognitive Biases and Behavioral Economics

Total questions: 8

Worksheet time: 4mins

Name
Class
Date
1.

Searching for information that supports our preconceptions and to ignore or distort contradictory evidence


a)

Confirmation Bias

b)

Endowment Effect

c)

FOMO (Fear of Missing Out)

d)

Hedonic Adaptation

2.

People tend to be more confident in their own abilities

a)

Herd Mentality

b)

Loss Aversion

c)

Overconfidence

d)

Sunk Cost Fallacy

3.

Returning to a baseline level of happiness regardless of whether you go through a positive or negative experience or event

a)

Confirmation Bias

b)

Endowment Effect

c)

FOMO (Fear of Missing Out)

d)

Hedonic Adaptation

4.

Putting more value on things you already own

a)

Confirmation Bias

b)

Endowment Effect

c)

FOMO (Fear of Missing Out)

d)

Hedonic Adaptation

5.

Conforming to the behaviors and beliefs of the people around you

a)

Herd Mentality

b)

Loss Aversion

c)

Overconfidence

d)

Sunk Cost Fallacy

6.

Feeling anxiety/fear that an exciting or interesting event may currently be happening elsewhere, often aroused by posts seen on a social media website

a)

Confirmation Bias

b)

Endowment Effect

c)

FOMO (Fear of Missing Out

d)

Hedonic Adaptation

7.

Regarding losses as considerably more important than gains of comparable magnitude


a)

Herd Mentality

b)

Loss Aversion

c)

Overconfidence

d)

Sunk Cost Fallacy

8.

Making decisions about a current situation based on what resources you have already invested in the situation

a)

Herd Mentality

b)

Loss Aversion

c)

Overconfidence

d)

Sunk Cost Fallacy