Economics - Cognitive Biases MCQ Test: Economics - Cognitive Biases MCQs - Practice Questions
1. What is the tendency to rely too heavily on the first piece of information encountered when making decisions?
2. Which bias involves the tendency to rely too heavily on the first piece of information encountered when making decisions?
3. What is the cognitive bias where individuals overestimate the extent to which others share their beliefs, attitudes, and behaviors?
4. What is the tendency to seek out or interpret information in a way that confirms one's preexisting beliefs?
5. What is the term for the tendency to attribute others' behaviors to their inherent characteristics (such as personality or disposition) while attributing one's own behaviors to situational factors?
6. What is the term for the cognitive bias where individuals give more value to things merely because they own them?
7. Which cognitive bias involves the tendency to focus on a single aspect of a situation while ignoring other relevant aspects?
8. Which cognitive bias involves the tendency to make decisions based on the easiest information available rather than the most relevant?
9. Which bias involves placing greater importance on the first information received (the 'anchor') when making decisions, even if the information is irrelevant?
10. What is the term for the tendency to believe that one's own abilities or knowledge is greater than it actually is?