WorksheetsUnit 1: Behavioral Economics vocabulary review
Total questions: 15
Worksheet time: 11mins
What is the name of the bias where people tend to search for, interpret, and remember information that confirms their preconceptions?
Endowment Effect
Overconfidence Bias
Confirmation Bias
Which term refers to the tendency for people to stick with decisions because they have already invested resources, even if it is not the best choice?
Sunk Cost Fallacy
Hedonic Adaptation
Confirmation Bias
What is the effect called when people value things more highly simply because they own them?
Endowment Effect
Overprecision
Overestimation
Which concept describes the process of becoming used to a stimulus, leading to reduced emotional response over time?
Sunk Costs
Hedonic Adaption
Confirmation Bias
Which term refers to the tendency to believe that one's own performance is better than that of others?
Overnight Test
Overprecision
Overplacement
What is the name of the bias where people are excessively certain about the accuracy of their beliefs or predictions?
Overprecision
Cognitive Bias
Herd Mentality
Which term is used for the general tendency to make errors in thinking or judgment?
Loss Aversion
Cognitive Bias
Sunk Costs
What is the name of the test that involves waiting overnight before making a final decision?
Overnight Test
Endowment Effect
Hedonic Adaptation
Which term refers to the use of online platforms to promote products or services?
Herd Mentality
Social Media Marketing
Sunk Cost Fallacy
Which subfield of economics applies psychological insights into human behavior to explain economic decision making?
Classical Economics
Behavioral Economics
Microeconomics
When a person has an exaggerated certainty that an answer is correct, what is this called?
Fool proof
Loss aversion
Overconfidence Bias
What is it called when a person mistakenly believes they are better than others?
Sunk cost fallacy
Confirmation bias
Overplacement
Which strategy is used to combat loss aversion by imagining that overnight something you own has been replaced with cash, then determining whether you would prefer to keep the cash or buy the item back?
Hedonic adaptation
Overnight Test
The cash replacement strategy
What is the tendency to return to a baseline level of happiness regardless of whether you go through a positive or negative experience or event?
Hedonic adaptation
Loss aversion
Endowment effect
What is the use of social media platforms and websites to promote a product or service called?
Behavioral economics
Social media marketing
Loss aversion
