Social Science

Cognitive Biases and Decision Making

1,880 Questions

Explore a curated set of questions on cognitive biases, decision making, and behavioral economics. These concepts evaluate how social norms, emotions, and heuristics influence human judgment and group behavior. Master these topics to build a strong foundation for psychology and social science exams.

Behavioral economicsSocial group influencesEmotional decision makingConfirmation bias

Cognitive Biases and Decision Making Questions

Multiple choice

What is the term for the tendency to overweight losses relative to gains?

  1. Loss Aversion

  2. Risk Aversion

  3. Framing Effects

  4. Prospect Theory
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Loss Aversion is the tendency for individuals to feel the pain of a loss more strongly than the pleasure of an equivalent gain.

Multiple choice

Which of the following is a key concept in Prospect Theory?

  1. Reference Point

  2. Diminishing Sensitivity

  3. Loss Aversion

  4. All of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Reference Point, Diminishing Sensitivity, and Loss Aversion are all key concepts in Prospect Theory.

Multiple choice

What is the term for the tendency to make decisions based on how information is presented?

  1. Framing Effects

  2. Anchoring Bias

  3. Availability Heuristic

  4. All of the above
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Framing Effects are the influence of the way information is presented on decision-making.

Multiple choice

What is the term for the tendency to rely on information that is easily accessible?

  1. Availability Heuristic

  2. Representativeness Heuristic

  3. Anchoring Bias

  4. All of the above
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The Availability Heuristic is the tendency to rely on information that is easily accessible in memory.

Multiple choice

Which of the following is an example of an availability heuristic?

  1. Estimating the probability of an event based on how easily examples of that event come to mind

  2. Judging the frequency of a word based on how easily it is to recall

  3. Using a recent event as a basis for making a decision

  4. All of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Estimating the probability of an event based on how easily examples of that event come to mind, judging the frequency of a word based on how easily it is to recall, and using a recent event as a basis for making a decision are all examples of the availability heuristic.

Multiple choice

What is the term for the tendency to use an initial piece of information as a starting point for making subsequent judgments?

  1. Anchoring Bias

  2. Confirmation Bias

  3. Hindsight Bias

  4. Framing Effects
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Anchoring Bias is the tendency to use an initial piece of information as a starting point for making subsequent judgments.

Multiple choice

Which of the following is an example of an anchoring bias?

  1. Using the first price offered in a negotiation as a reference point

  2. Estimating the value of a house based on the asking price

  3. Setting a budget for a project based on the initial cost estimate

  4. All of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Using the first price offered in a negotiation as a reference point, estimating the value of a house based on the asking price, and setting a budget for a project based on the initial cost estimate are all examples of anchoring bias.

Multiple choice

What is the term for the tendency to make decisions based on emotions rather than logic?

  1. Emotional Decision-Making

  2. Intuitive Decision-Making

  3. Heuristic Decision-Making

  4. All of the above
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Emotional Decision-Making is the tendency to make decisions based on emotions rather than logic.

Multiple choice

What is the term for the tendency to make decisions based on social norms and expectations?

  1. Social Decision-Making

  2. Cultural Decision-Making

  3. Normative Decision-Making

  4. All of the above
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Social Decision-Making is the tendency to make decisions based on social norms and expectations.

Multiple choice

Which of the following is NOT a type of cognitive illusion?

  1. Confirmation bias

  2. Hindsight bias

  3. Illusory correlation

  4. Framing effect
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Illusory correlation is not a cognitive illusion. It is a type of perceptual illusion that occurs when people perceive a relationship between two events that are not actually related.

Multiple choice

What is the name of the phenomenon that occurs when people's happiness decreases after they experience a positive event?

  1. The Hedonic Treadmill

  2. The Adaptation Level Theory

  3. The Contrast Effect

  4. The Peak-End Rule
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The Hedonic Treadmill is the phenomenon that occurs when people's happiness decreases after they experience a positive event. This is because people quickly adapt to positive events and start to take them for granted.

Multiple choice

What is the name of the phenomenon that occurs when people's happiness increases after they experience a negative event?

  1. The Hedonic Treadmill

  2. The Adaptation Level Theory

  3. The Contrast Effect

  4. The Peak-End Rule
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The Contrast Effect is the phenomenon that occurs when people's happiness increases after they experience a negative event. This is because people compare their current situation to their previous situation and find that it is better than they expected.

Multiple choice

Which psychological factor is often cited as a barrier to sustainable economic behavior?

  1. Hyperbolic discounting.

  2. Loss aversion.

  3. Status quo bias.

  4. All of the above.
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Hyperbolic discounting, loss aversion, and status quo bias are all psychological factors that can hinder sustainable economic behavior. Hyperbolic discounting refers to the tendency to value immediate rewards more than future rewards, even when the future rewards are objectively greater. Loss aversion refers to the tendency to feel the pain of a loss more strongly than the pleasure of an equivalent gain. Status quo bias refers to the tendency to prefer the current state of affairs, even when a change would be beneficial.

Multiple choice

Which psychological factor is often associated with resistance to change?

  1. Loss aversion.

  2. Status quo bias.

  3. Hyperbolic discounting.

  4. All of the above.
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Loss aversion, status quo bias, and hyperbolic discounting can all contribute to resistance to change. Loss aversion refers to the tendency to feel the pain of a loss more strongly than the pleasure of an equivalent gain. Status quo bias refers to the tendency to prefer the current state of affairs, even when a change would be beneficial. Hyperbolic discounting refers to the tendency to value immediate rewards more than future rewards, even when the future rewards are objectively greater.

Multiple choice

Which psychological factor is often associated with a lack of concern for future generations?

  1. Hyperbolic discounting.

  2. Present bias.

  3. Myopia.

  4. All of the above.
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Hyperbolic discounting, present bias, and myopia can all contribute to a lack of concern for future generations. Hyperbolic discounting refers to the tendency to value immediate rewards more than future rewards, even when the future rewards are objectively greater. Present bias refers to the tendency to focus on the present moment and neglect the future. Myopia refers to the inability to see the long-term consequences of one's actions.