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Behavioral Economics Quiz 2 (30 MCQs)

Quiz Instructions

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1. The tendency to regard losses as considerably more important than gains of comparable magnitude
2. Mina wants to start using an investment app that all of her friends are raving about. She hasn't done any research on the app, but she trusts her friends' judgment. At home, Mina's mom points out that Mina is being influenced by FOMO and herd mentality. All of the following are things Mina can do to overcome these cognitive biases EXCEPT .....
3. Andrew wants to buy a specific model of a new car. He conducts research and finds many resources that highlight the benefits of that car model. Which cognitive bias might be influencing Andrew's decision making?
4. Behavioral economics .....
5. The more responses or time animals have available, the less their behavior is influenced by increases in the cost of the reinforcer
6. When the client evaluates their credit situation, based on the options presented to them, the way they have lived and how they see the world today, it is based on their:
7. You bought a cottage in the mountains. You used to love going there but it's not as much fun as it used to be. Yet you continue to go every weekend and always regret spending time there. What kind of economic behavior is this?
8. Mona wants to use an investment app that all of her friends are raving about. She CAN overcome FOMO, by NOT doing what?
9. People who experience FOMO may .....
10. What is the term for continuing with a decision because of the time or money already invested?
11. Naresh started a new job and is having some of his paycheck deposited directly into a savings account. which of the following values best explains why Naresh does this on a regular basis?
12. 'Behavioural economics' is best described as:
13. Based on the belief that because people are easily influenced by emotions and biases, they are more likely to make unwise and irrational decisions with their money.
14. When you select an option that has four items priced together, instead of just the three you need individually, that could be considered:
15. What life value reflects the following statement?-Strong physical values might translate to overspending on material possessions if left unchecked, but could also show up in our desire for quality.-This person is willing to spend more for craftsmanship and design.
16. What is the term for separating money into imaginary categories in our mind?
17. Phonetic skills allow us to:
18. We should NOT ignore sunk cost?
19. This technique eliminates the barrier that the Client establishes when he positively interprets those facts that basically support his opinions:
20. You want to see a movie that almost everyone has seen and is raving about. What kind of economic behavior best describes this situation?
21. People are compelled to buy MORE stuff for all of the following reasons EXCEPT .....
22. The pain of losing a $ 20 bill is felt more than the joy of finding it. This is a result of .....
23. When a person believes they are better at something than they actually are
24. When using social media, it's important to remember that .....
25. The Bean/Rock Game caused us to differentiate between
26. A website tells you, "Only one left!" while shopping online. Which loss aversion strategy is this website using?
27. Cost that has already been incurred and cannot be recovered.
28. What is the name of the tendency to assign more value to the things we already own?
29. What did Richard Thaler win the Nobel Prize for?
30. According to a 2018 Survey, what percentage of U.S. teens say they are Instagram users?
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