Economics - Cognitive Biases MCQ Test 1

1. What is the tendency to rely too heavily on the first piece of information encountered when making decisions?

2. Which cognitive bias involves overestimating the importance of information available at the beginning of a decision-making process?

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

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

5. Which cognitive bias involves the tendency to believe that if something happens more frequently than normal during some period, it will happen less frequently in the future?

6. Which cognitive bias involves giving more weight to information that is more readily available in memory?

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

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

9. Which cognitive bias involves the tendency to make decisions based on the easiest information available rather than the most relevant?

10. What is the tendency to seek out or interpret information in a way that confirms one's preexisting beliefs?

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

12. 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?

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

14. What is the tendency to give greater weight to information that is more recent?

15. Which of the following is NOT a cognitive bias?

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

17. Which cognitive bias involves the tendency to believe that a small sample is representative of a larger population?

18. Which cognitive bias refers to the tendency to seek out or interpret information in a way that confirms one's preexisting beliefs?

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

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

21. Which bias involves placing greater importance on the most recent events when evaluating a sequence of events?

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

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 bias involves the tendency to believe that events are more predictable than they actually are?

25. Which cognitive bias involves believing that future events are more likely to occur if they haven't happened recently?

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

27. Which bias involves the tendency to assess the probability of an event based on how similar it is to a prototype in mind?

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

29. What cognitive bias involves the tendency to attribute others' behaviors to their inherent characteristics (such as personality or disposition) while attributing one's own behaviors to situational factors?

30. What is the tendency to focus excessively on one aspect of a situation, often neglecting other relevant factors?

31. What is the term for the tendency to believe that if a certain event occurs more frequently than normal during some period, it will happen less frequently in the future?

32. What is the term for the tendency to believe that one's own abilities or knowledge is greater than it actually is?

33. Which of the following cognitive biases involves favoring the status quo and resisting change?

34. Which bias involves overestimating the importance of information that is readily available, often due to recent exposure?

35. What cognitive bias refers to the tendency for people to favor information that confirms their pre-existing beliefs or values?

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

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

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

39. What is the cognitive bias where individuals overestimate the extent to which others share their beliefs, attitudes, and behaviors?

40. What is the tendency to value something more highly merely because one owns it?

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

42. 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?

43. What is the term for the tendency to judge events as more extreme than they actually are, often attributing them to a greater cause or significance?

44. Which cognitive bias involves the tendency to focus on the negative more than the positive?

45. 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?

46. Which bias involves giving greater weight to recent events over earlier ones?

47. Which bias involves placing greater importance on the first information received (the 'anchor') when making decisions, even if the information is irrelevant?

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

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

50. What is the tendency to focus on information that confirms one's preexisting beliefs and ignore information that contradicts them?