Economics - Cognitive Biases MCQ Test 3

1. What is the term for the cognitive bias where individuals overestimate their own abilities or knowledge?

2. Which cognitive bias involves the tendency to place undue emphasis on the first information received (the 'anchor') when making decisions?

3. Which bias involves the tendency to judge a situation based on how similar it is to a prototype in memory?

4. Which bias involves the tendency to place a higher value on items merely because one owns them?

5. Which bias involves the tendency to rely heavily on the most recent information when making decisions, often overlooking long-term trends or patterns?

6. Which bias involves the belief that if a small sample is representative of a larger population, even when statistical evidence suggests otherwise?

7. What is the term for the cognitive bias where individuals believe they have more control over outcomes than they actually do?

8. What is the term for the cognitive bias where individuals give more value to things merely because they own them?

9. Which cognitive bias involves placing greater importance on the first piece of information encountered?

10. What is the tendency to remember past events as having been better than they actually were?

11. Which cognitive bias involves the tendency to make decisions based on the most recent information rather than all information?

12. Which cognitive bias involves the tendency to focus on a single aspect of a situation while ignoring other relevant aspects?

13. What is the tendency to place a higher value on items merely because they are perceived as scarce?

14. What is the term for the tendency to rely too heavily on the first piece of information encountered (the 'anchor') when making decisions?

15. What cognitive bias refers to the tendency to continue a behavior or endeavor once an investment in money, effort, or time has been made?

16. Which bias involves the tendency to rely too heavily on the first piece of information encountered when making decisions?

17. Which bias involves the tendency to believe that future events are more predictable than they truly are?

18. Which cognitive bias involves the tendency to give greater value to things that are seen as 'rare'?

19. What cognitive bias involves the tendency to judge events as more extreme than they actually are, often attributing them to a greater cause or significance?

20. What is the tendency to recall past events more positively than they may have actually been?

21. Which cognitive bias involves the tendency to overvalue things that are familiar or known?

22. What is the tendency to place more value on items that are perceived as rare or in limited supply?

23. Which bias involves the belief that events which have occurred in the recent past are more likely to happen again in the near future?

24. Which cognitive bias involves the tendency to remember past events as having been better than they actually were?

25. What cognitive bias involves the tendency to perceive a relationship between two unrelated events, or to perceive patterns in random data?

26. Which bias involves the tendency to make decisions based on how similar an option is to a prototype in mind?

27. What is the tendency to judge the frequency or probability of an event based on how easily examples come to mind?

28. Which bias involves the tendency to believe that past successes will inevitably lead to future successes, or that past failures will inevitably lead to future failures?

29. Which bias involves the belief that the majority is always right, or that if most people believe something, it must be true?

30. What is the cognitive bias where individuals believe they have more control over outcomes than they actually do?